Keep it at 5 minutes. Chronos and Frank, among others, give good reasons and I agree with them.
You need to be careful, and think before you post, and deal with the performance lag. We all do.
Although I occasionally use my five minutes to fix a typo, I preferred the board with no edit capability at all. I find the editing option on other boards detracts from the discussion. No edits is much more like a conversation IRL - if you say something stupid, you have to own it. I think in the long run it makes people more thoughtful about what comes out of their mouth/keyboard. The 5-minute rule works as a compromise, but I wouldn’t want it to be any longer.
Slow to rise huh? 
Another vote for “ain’t broke even a little bit; don’t fix it.”
I admit to using the edit window on many, many of my posts for typos or addenda. But still and all, Preview is your friend.
I too have no objection to 5 minutes. In my case, anything that I don’t catch and correct would almost always with very few exceptions would need an hour or more to reallize “OOPS!! I really screwed that one up, didn’t I?” (not suggesting a 1 hour limit, just that I would need that).
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If you need 10 minutes to reconsider your tone and typos, then take 10 minutes before you hit “submit”. Seriously. That situation is exactly why the time limit is set to 5 minutes. If you’re posting in the heat of passion and saying things you shouldn’t, that is a reflection of you, not a failure of the board.
And yet… I just had a situation last week (with an ATMB thread) where it looked like a moderator was abusing his power, and I reported it. A series of PMs cleared up what happened, the problem was caused by a poster making a typo in a comment that was derogatory to a moderator, that moderator fixed the typo and posted to the thread he fixed the post, the poster edited the post and added another derogatory remark. My reading the thread later made it look like the moderator quoted a post, deleted words, and said he fixed the post - in other words, he changed word in a quote box. Nope, editing crossfire.
At the time, it sure seemed deliberate on the part of that poster, but it’s probable the poster was already editing his post when he saw his typo, and decided to add a little extra heat. It was just that moderator’s misfortune to be reading and take action in that 5 minute window.
Just to add: If you find a serious typo after the editing limit (like, say, “now” when you meant “not”), you can always email a mod and ask them to fix it. We’re happy to do that.
If it’s a minor spelling mistake, well, that happens to all of us and should be a reminder to be more kindly to each other, and not so quick to leap on grammer or spelling. 
Just chiming in to say I think 5 minutes is just about right. I’m at the point now where I can feel the window starting to close…a couple of times I’ve had to tell my wife “You cannot talk to me for the next 30 seconds!,” when I needed to finish a post-reworking before time was up. Feels a little like being on a TV game show.
I find that more than mildly annoying. Doing it once in a blue moon due to some weird circumstance? Yeah, okay, fine. But I have to wonder why certain posters have so many of them. Are they making snarky comments then deleting them? Posting without thinking over and over? Who even cares? I just wish the mods would tell him/them to knock it off. In a PM would be lovely.
ETA: I wish more modding took pkace via PM. Not always feasible, of course, but it would reduce the appearance of over-moderating and save some folks some embarrassment. Probably sone is already done that way, but more would be nice.
I rarely do that, but when I do it is most often somebody beating me to the punch and typing something very similar to what I wanted to say before I got my two cents worth (rounded down up here to no cents) in.
See, that’s why it’s annoying! (Not you, but the practice) What you typed might have been similar, but it wouldn’t have been the same. I want to hear what you have to say too.* We all know that people simulpost all the time. Just slip an ETA in there with “ninja’d” or some explanation if it would make you feel better. That’s a lot better than the gaping hole of an “nm” post.
Okay, I totally didn’t know I felt so strongly about this until now.
- Unless you’re a real tool and I just haven’t noticed.
I rarely use “nm”.
But when I do it’s usually because I loaded the thread 45 minutes ago then wrote a reply to what was the last post when I’d loaded the thread. So I hit [Submit] and now see 10 intervening posts. My response now makes no sense in light of those.
Yes, I could ETA a quote from the post I was aiming at to clarify for all who/what I was talking about. But more often than not the intervening posts cause me to realize I’d misinterpreted the post I was answering. So all my carefully wrought arguments & factoids are now so much irrelevant silliness.
“nm” to the rescue.
Besides it’s quick. So fairly few (ideally zero) folks will see my mistake.
I suppose my habit of opening a forum’s table of contents then Ctrl-clicking all the interesting threads on the first page of 100, then reading & posting one by one from the accumulated pile of tabs contributes to sometimes being out of phase with the latest post. Sometimes I think to refresh a thread before reading, but often not.
I believe that’s one of the reasons why we are limited to 5 minutes (and why originally there was no editing permitted at all). The idea is that you should not post anything “in the heat of passion” that you would later wish to ‘take back’; rather you should consider what you *want *to say, and whether or not you *should *say it, before you hit ‘Submit’.
When I preview before posting, I always glance down and see if anything new has been added.
But I can see why “nm” would make sense in the case you describe.
Posting to see if I can get subscribed to this thread.
EDIT: Worked this time.
Why not just subscribe?
I tried, but there was a glitch with this thread. I posted earlier, and it didn’t subscribe. Several times I tried clicking on Subscribe to This Thread under the Thread Tools dropdown box, but that would not work. Finally I posted once more to this thread, and it worked.
This has happened only once or twice in the past, being unable to subscribe to a thread. I was told it was probably a browser issue, but I seem to have a lot of technical problems with this website that I have with no other website on the Internet.
I’ll mention this to Jerry. We may be overdue for the big version of Magic Mr. Reboot at the server farm. Sorry for your inconvenience.
There are a couple things that would help.
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Refresh the tab when you get to the bottom of that thread, before you hit Reply.
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Look down under the edit box on the Reply page - the posts are there in reverse order, so any new ones show up.
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Hit Preview, review the post to look for mistakes and such, and incidentally check the thread under the edit box for updates.
I think you are. At least for me SDMB is hanging or giving database errors more and more often (with occasional last visit date resets - since nothing appears to be being done I can’t be bothered reporting last visit date problems any more).