Hi there @spiritualmatters. There is just socky here.
Embarrassing spelling errors or anything else that is in error.
This does not extend the 7-day payout. Apparently unlimited payout duration will allow infinite amount of transactions which would kill scalablility. It can be done however through other means. It just has not been invented yet.
Aha!..I guess if one actually came across an archived post it would be good to be able to 'edit' it; though, I'm not sure I'm a fan of this. Once I upvote a post, I'd hate to think someone could go in and write a totally different 'opinion' piece, contrary to the post I approved of.
I know that's unlikely; and, that it's all on the blockchain; but, everyone, well most people might agree that once it reaches payout, it's pretty much a wrap. That said, it's good to know changes are in the works to make Steemit better; dispelling rumors that it might be replaced.
Best regards.
Peace.