This policy is the one thing that I do not like about Interference. It's annoyed me as long as it's been in place. (In fact I commented about it in a thread long ago and my argument was dismissed).
Once I posted something meant as a joke but after posting I thought that -- because of the way I worded my post -- it might be taken wrong by some people and possibly even read as offensive so I wanted to change it. It was past the 60-minute limit so I had to go through a mod to have my post edited. I find that annoying and ridiculous. I have never seen a 60-minute limit (or anything close to that) on any forum I've ever posted on -- except Interference.
There have been other times I've wanted to edit my spelling or grammar or just re-write something to clarify thoughts that I maybe had written too quickly the first time, but I couldn't edit because 60 minutes had passed.
I know the policy is in place so that mods can "catch" people misbehaving, but so many other forums -- in fact, I would guess the vast majority -- are functioning just fine without a similar policy. Many if not most forums allow editing for weeks, months or until the thread is archived/deleted.
[/end rant]