I think there is a lot of confusion about what the editor for a publication does. In the Newspaper world, the editor is in charge of policy decisions. He does not editor work. The sub-editors do that, and that's mostly to do with style issues. Journalists are expected to be able to write.
In the book publishing world, the commissioning editor (the main editor) selects the books to be published. The copy editor checks for legal issues, etc. Poor language might be there, but it's supposed to be the exception, not the rule.
In the magazine world, the editor makes business decisions.
I don't know where this idea comes from that an editor fixes up the work of writers. If the work is poor, then the work should be rejected. :)
Nice pice, Sam. :)