Just responded to a post that I made a typo in, did an edit, fixed the typo, and filled in the reason for editing field. It doesn't show up in the Recent Activity that I've made the edit, only that I made the reply, nor does it show anywhere that I can see that the reply has been edited and why. I believe both these used to happen. Presumably they should still happen. Otherwise why have a field asking for the reason for editing? In this particular case, it was a small typo and I fixed it immediately after I submitted the reply so I doubt anyone saw the initial pre-edited post, but it's nice to see when and how a post has been edited and different from when you first read it or wrote it. Saves you from commenting on something that is no longer relevant in the initial post.
Is this something that the mods see only? I think I used to be able to see it too.