The reason why the edit button was removed because once you've made that post, it is not permanently there and will not be removed (Except if you linked a website that is not allowed or any image, Badspot will edit that link out). This is to prevent people getting away and hide their stupidity.
This is the sole reason, and it's pretty good that the edit function is removed.
There've been a number of topics since editing was removed where someone has said something really stupid/incriminating and has then complained about not being able to edit.
It prevents people from pretending they didn't say something or do something against the rules.
Although, regardless of if you can edit a post, Badspot can see all and any previous edits of a post, so if you're in Off Topic and you post, say, offensive/obscene images, then edit it away, you can still be banned for it.
If you then ask what was the point of removing editing if Badspot can see edits anyway, it's because if for example, I was to post a trap link, then I removed it quickly, if no one saw it or reported it to moderators then I wouldn't get banned for it, even though I should.
The only downside is obviously that if you make a typo or you forget to type something in to a post, then you can't correct yourself in the same post.
But that really just means you should be more careful in Drama if you can. Take a little bit longer to type out your post, use the Preview function, use the Spell Checker and make sure you've said everything you want to say.
Also be careful of notifications of people posting while you type. If you post anyway then you might, in the best scenario, look like an idiot, and in the worst scenario, get banned, like I did.
And not that I've seen it happen before, but I'd suggest being careful with pictures.
It's quite common for people to post an image and it accidentally be an enormous page-stretching size. You can atleast edit it in Off-Topic of other places, but you can't here, so you don't want to end up getting that stuck on a page.
Basically, just make good use of the preview button.
