Looks like I am starting an wanted fight so sorry Admins, I don't know when I posted my opinion about the edit/delete policy that I get this kind of response otherwise I would never post anything like that.
As for Mominhaq, bro I know what features are been provided by vbulletin, but looks like you are missing the point, so here are few names of those forums which I am a part of Pakdef.info, Pakistanidefenceforum.com, F1db.com and these all use vbulletin so I know about that before Pakwheels even decided to switch to vbulletin. And they all provide edit/delete function for longer intervals.
If you guys have any doubts look at this topic of Pakdef I have edited it just now although no change have been done just open use edit button on the forum my ID is MSaadU on that forum check the posting time and edit time the difference is about one and a half month here is the link
http://www.pakdef.info/forum/showthread.php?t=10554&page=11