... what would it be?
For me, I think it would be allowing deletes only within the edit period. I have become a huge fan of "no edits, no deletes".
Allowing people to edit and delete within a certain time period seems like the best compromise between user choice and mirroring the internet more like real life where we also make mistakes but have to acknowledge them. Making mistakes is not the problem. It's the way people deal with their mistakes.