Hmmm, great effort and potentially an excellent feature. Currently though, I just can't get it to work well enough to make it worth deploying (I'm using wp 2.31). I gather others have deployed it without problems. Issues I'm hitting are:
1. Deselecting the Turn Off Comment Post Links does not (as documented) hide the Edit - Delete - Spam links at the bottom of a comment. Instead it just disables the Edit link (subscribers can still edit the comment though by clicking on its body, though). (follow up--for some users it hid it, for some it didn't. Clearing cookies seeemd to make no difference)
2. The Delete and Spam links do not work. Upon clicking them subscribers get the message "Unable to..."
3. Surfacing the Spam link to subscribers doesn't seem to make much sense anyway. What commenter would want to mark his own comment as spam? Confusing.
4. Disabling Name Editing does not turn it off. Subscribers can still edit their names. Not clear why you would want subscribers to be able to edit their names anyway.
5. Does not play nicely with the Get Latest Comments plugin. Comments that have been edited do not show up in the recent comments list.
6. After editing a comment, subscribers must refresh the page to see their comment. Until they do that their edited comment shows no text at all, making them think they've accidentally deleted all of the text.
I tested the subscriber on a different machine than the admin so there was no possibility of cookie or IP conflicts. Issues appeared in all browsers.