New users are now set to go through a probationary period where their posts must be approved before going public, this set up required the creation of a new group for the existing users. the forum software automatically promotes the existing users that meet the prerequisites to the new group as they log on (about 120 automatically promoted so far). The problem is a lot of users have secondary group affiliations that were likely set up to work around a problem in the past, those secondary groups are triggering the admin approval to post. As the users pop up in the approval queue i will verify their group memberships to prevent this from continuing to happen.
Chris - your editing issue should be resolved, you were one of the users in a secondary group. New users do not have the ability to edit posts once they are approved. this keeps them from posting something legit, getting it approved, then editing the post to replace it with spam content.
in addition to the new user policy there was also a site software update performed yesterday, which explains some formatting changes.