If you want to know how Flagged Revisions feels to the casual editor, go to Wikinews and fix typos. I’m not an admin or reviewer on en:wn, and I just fixed the caption on “Geelong win 2009 Australian Football League Grand Final” — check the history.
What did it feel like? Curiously unsatisfying. The fix not going live immediately left me wondering just when it would — five minutes? An hour? A day? It felt nothing like editing a wiki — it felt like I’d submitted a form to a completely opaque bureaucracy for review at their leisure. (That it actually went live in just a couple of minutes doesn’t change this.)
Don’t take my word for it — go typo-fixing on Wikinews and tell me how it feels to you.
I remain a big fan of flagged revisions for those times when we need it — as a less-worse alternative to protection or semiprotection — but, as per its detractors, it really does kill the wiki motivational buzz dead.
German Wikipedia has, of course, had flagged revisions on all articles for quite some time. Can anyone from de:wp tell me how it felt there?