Yes, I do. And no question is dumb: that option could have been unset :)
Bear in mind I'm referring to posting comments, not to posting blog entries. When I post a comment to my site I have no editing tools. When I (at least as administrator) subsequently edit a comment, I have the full editing set, just as I do with blog postings.
I think (?) I may have figured it out. A user can not edit their own comments. I as the post author (actually, as the admin user) can edit any comments associated with my post. At least when I created a test user (a registered user) and created a comment with that user, the account was unable to edit the comment.
If I'm right...is there any way to give a user nothing more than the ability to edit their own comments? Or am I totally confused here?