The edit grace period is still there... the issue is that one of the servers (the forum uses several) has a clock issue.
A Cake employee can reset it, but it only takes about a two weeks before its far enough out of sync to kill the edit grace period again.
Edit for a time check
The edit text read "post edited by Karyn - January 01, 16 0:19 PM" it was actually 0:07 AM when I did the first edit.
Re-edit to add : HAPPY NEW YEAR