I really think it's just fine and justified for moderators to edit posts for profanity or when they see fit. However I disagree with a mod doing it in a way that they attribute words to authors that never said them.
On beta and most forums I've been a part of when a mod needed to do this they wrote on the post 'edited by mod to remove word' then if they added in a word to maintain the posts substance they used either a different color or made it obvious what was not written by the poster.
Should I be in that position I could understand why I were to be in trouble or temp banned for saying something, why a post of mine might get completely deleted but I would not appreciate my words being changed with anyone who read them being none the wiser.
I saw this post earlier so I know exactly what was changed and I understand why but the how needs work, this is not the first I've seen this here and not the first I've brought it up.