I'm going to disagree here. It's giving the mods way too much power. There's already editable flair on posts to point out factual errors. (E.g. something claiming to be confirmed that isn't)

I don't like it on HN either - I'd rather have a headline with a touch of editorializing than the complete lack of context they're often edited to...this very thread being a prime example).

At least letting people edit their own headlines/links (possibly with the changes going into a mod approval queue) would be quite helpful.

Or at least not hitting the "you are doing that too much" limit for deleting and reposting when you realise you accidentally pasted the wrong link in and similar.

The headline editing is one of my pet hates about HN. I'd loathe seeing it spread to Reddit too.