[stuartd]

No they don't. From http://stackoverflow.com/help/privileges/edit

> We believe in the power of community editing. That means once you've generated enough reputation, we trust you to edit anything in the system without it going through peer review. Not just your posts—anyone's posts!

[0xmohit]

If you've been on Stack Overflow enough, you might have noticed that crap is sometimes approved even after peer-review. Many doing the review do it like robots (to earn internet reputation and badges).