Today I crossed the 2K mark and got notification
You've earned the "edit questions and answers" privilege!
Useful tips for newbie in edit privileges other than Helpcenter.
Congratulation for your new privilege.
I don't know about other users,but I will tell you what I look when I review Edit.
As I am spending my time for someone else, So I look below points
1) I always look that Edit should be meaningful
2) If that help other users to read (Formatting) .
3) I personally not accept those edits that correct one spelling in whole post and don't change rest of the things that can be improved.
4) I don't accept Ir relative tag means user has not mentioned its magento1.9 or something and editor add that version tag.
5) I also don't accept those edit where user only change or add one tag that can easily understandable by users post and also don't change rest of the things that can be improved.
6) I also dont accept those edits where editor removes the useful content from post.
7) I also Dont accept those edits that done on the basis of author comments because I think Its completely depend on author to include those things in their post or not.
this are the basic things I always take care while reviewing edits
Review Edits is actually a small part of your privilege. See full details of edit privilege here. Almost all thing which you need to keep in your mind while use this privilege is already pointed out there. So use that link as a reference.
In short, this will provide you the power to edit any question or answer which will be applied to the thread instantly. This is a powerful feature and hence do not misuse it.
I see people get frustrated (new users in the forum) if we use our edit privilege on their question/answer. Even Marius was "questioned" in several such occasions from the original author for using his edit privilege. So use it wisely. I directly edit an answer/question:
I won't use this privilege directly to remove "Thank you" or "I am a newbie" comments only because it may frustrate the author. However if I do an edit on a thread due to above listed reasons, then I remove such irrelevant comments from the thread.
However reviewing an edit involves completely different rule. Here I use a simple rule. I look into "before the edit" and "after the edit" content. If it is more readable and it is really going to improve the content, then I accept it. Else I reject it. Murtuza already pointed out some tips in his answer and they are good tips too while you are reviewing an edit.
Oh I almost forgot, Congratulations for your new hat. :-)
I don't know about other users,but I will tell you what I look when I review Edit. - Murtuza Zabuawala
I approve nearly everthing that makes the post better readable/findable
I reject ...
If someone spends his time to (however) improve a post why not accept - even its just a small change?