TopShelf2010: I believe the confusion is within the "editing" not "deleting." While it's understandable to be able to delete posts from time to time, if someone other than the author of a post can edit said post.... that would be very bad. A whole can of worms would be opened.
True, but as an owner, you may fiddle with that lid.
Repeating myself:
As a CC owner, I have options to delete AND to edit any post in the CC forum.
I have done so once (rather editing than deleting) when stepping between some nasty verbal internal combat. I would demand silence first and delete-edit (and mark as deleted) part of a post of a guy who didn't follow suit.
I did it reluctantly, and, IIRC, it cost me a member or two.
The alternative would have been to silence the offender by throwing him out.
What to prefer?