Openly editable posts. Crazy idea?

I've been somewhat of a lurker here, actively reading posts, but today I came across a topic which had a small typo in it. No big deal, but if this was wikipedia, I could easily go in and fix it... Then it hit me, what would a site like tilde be like if anyone could propose an edit to a post, and have that edit go into effect if the original poster approved it? Of course revision history would need to be available too, for accountability. Good idea? Bad? I'm just curious how that might play out.