People aren't perfect: for some reason, we still like to post status updates when we've had one too many drinks on our nights out, while we're on our way to class, or even while we're in class, and typos can rear their ugly heads during our rush to post. But now Facebook is giving us a chance to clean up our act.
Facebook is introducing the option to edit status updates, with the feature rolling out to the web and Android devices in the next day or so. Previously, Facebook had allowed users to edit comments (but not status updates), with the ability to see the edit history of the comment by clicking on the post. Same with the status update editing option, users will be able to see the history of the post, which will help out with one obvious problem: a user could post a status that says, "Who here likes Drake's new album?" then after they brought in enough comments or likes, they could bait-and-switch the post and edit it to say "Who here likes Miley's new album?" which changes the context of the conversation threads. This is probably the main reason the feature hadn't been implemented already, but Facebook must have decided that this type of problem wouldn't be that serious, since people who abuse the feature like that would be committing social suicide, and would likely bleed followers who wouldn't want their conversations being tweaking that way.
If you want to edit your post, click on the drop down menu located to the right of the status. iOS users should be getting the feature in the next update.