First off, it's important to remember that the DT forum is bit unique here. Per Rob's directive (see the intro), it's the "Serious" forum. As a result, the moderatin' here tends to be, perhaps, a little more strictly enforced than on some parts of the board.
If it's ON-topic (which includes being, basically, a "deep thought" as opposed to a random chat) unless its wildly offensive or advocates something illegal, in all likelihood its not going anywhere.
If it's OFF-topic, it has a decent chance of getting moved, but not always. One or two "sorta" off topic posts probably won't get moved, unless it looks like a concerted attempt to derail a thread, an probable trolling action or a poster who's been warned.
Deletion doesn't occur that often. It usually has to be pretty bad for that, or obviously reptitive spam, or maybe someone who's been given multiple warnings. A lot of the "deletions" are actually moved posts or threads where the person claiming deletion hasn't actually bothered to check the OT or RC forum to see where it went.
Sometimes threads are split up where I think there are two decent entwined topics that are fighting with each other for attention and a split might stir more discussion for each topics Sometimes I split them so I can keep one thread on topic, whie moving the off topic part elsewhere.
As a general rule, editing is usually done only for clarity or to fix code. Most of the edits that could be described as "content based" are simply things like changing the title of a post, in order to aid the "Search" function or to keep the theme of the thread clear (to help keep it on topic). Sometimes there's a need to edit a post "for work safety" (ie, an offensive pic) but not very often. And to date, I think Wednesday or Rob have done that more than I have.
I realize that sometimes people can differ on what's "on" or "off" topic, as well as what is or isn't offensive, but that's one of the reasons I prefer to move a post or thread. At least that way, you can still read and respond to it.
Which is why I find it so confounding when posters act like moving is the same as deleting.