The ability for cars to drive at 200 km/h should not be utilized because it is dangerous to yourself and others. Comparing this to editing your own posts past a 60 minute interval is ridiculous.
A better comparison would be if the forum had the ability to allow you to edit other users' posts. This feature could be used maliciously and would certainly cause anarchy. I would agree with disabling this feature.
The ability to edit your own post past 60 minutes does not cause anarchy. It has limited malicious use.
What if remaining in a toilet stall longer than 5 minutes were made illegal, because they determine that 1 out of every 50 people who stay in a stall longer than 5 minutes is actually doing drugs? Do you think that will really stop drugs? No. All it will do is piss off a bunch of people with diarrhea.
Does limiting the edit window to 60 minutes really stop a malicious activity that was seriously affecting these forums? No. All it has done is piss off a bunch of people.