They'll have full edit permission to all writeups. Their editing will largely be doing things to make the site look prettier. Most of which will be getting rid of PRE tags, and adding CODE and READMORE tags as necessary. Most of the editors already point out these problems on the nodes to consider page. Now they'll be able to fix them. Other powers will include moving root nodes between sections, and removing items from view on the frontpage or a section page.
These powers will probably be arriving in the next few days when I get some time to sit down and code.
What about accountability for their actions? The truth is that if I thought I had to worry about the actions of any of the people in the editors group I wouldn't have chosen them. All of the chosen ones have demonstrated a good mix of the following: