This is something that a lot of people (including Facebook) need to realize. Policies like Facebook's "real name" requirement - and the power to decide which names qualify as "real" - is the very definition of "editorial control".
It doesn't matter what the original intention was in creating that policy; if the situation as described by in the linked post are true, then Facebook's choices in how they handle account names have included (probably unintentionally) the choice to libel someone who doesn't even use their service.
The power to "edit" opens up the possibility of being liable for those edits. Sometimes it might be a better idea to avoid the liability risk by avoiding content-based decisions.