Stack Exchange Peer "Review"

I am asking this here, since I trust the HN community. Ok story goes like that, I have just signed up to stackexchange.com, and fixed a solution, it was mathematically incomplete, I have also improved the LaTeX style. To be exact this one http://math.stackexchange.com/questions/449672/prove-that-n-2n-for-all-natural-numbers-n Instead of writing a new answer, I have improved"user71352"' s answer, by thinking it will be better for the community. To give you an idea it was about 5 lines and incomplete(if you give it to my mathematics professor back in university, you would get 10 out of 25), after my improvements it is 13 lines, expressive and a complete proof.

The site told me that it is going to be peer reviewed before anyone sees my edit. I can understand that, cause I have just signed up.

Although what I write is there, only differences after "peer-review" are

"Step 1.)" changed into "Step1.:" "Step 2.)" changed into "Step2.:" "Step 3.)" changed into "Step3.:"

and It writes "Edited by m0nhawk 4 hours ago", not me. It was not there before.

I don't know how this site works exactly, I don't blame a particular person. Yet the question arises:

What is wrong with this site? What is peer review? I don't care about "reputation" but I don't like someone or some site take me for a fool.