I think allowing admin editing - at least as an option - is desirable. I'm basing this on my real-world experience co-moderating photo.net for a couple of years (talk about your basic thankless task).
But admin editing needn't drive versioning in the way user editing would. If we disallow user editing, which seems to be the growing consensus, then we don't really need versioning.
If we had the more lightweight CR fantasized above I'd argue for sticking posts in the CR anyway, since the current Tcl API does simplify handling large objects and in Oracle unfortunately posts must be CLOBs. But straight content one knows will always be text is easy enough to stuff into CLOBs directly so making non-versionable posts be non-CR objects is fine. I'll just consider it an editorial comment on the current state of the CR ...
