Edit Enable allows you, when selected, to edit data in the sequencer such as the take id, scene, and name. It was added because that used to be the default behaviour, and it ended up being a problem when operators double-clicked on the wrong part (i.e. the take id, scene, or name fields) on an item in the sequencer, and put it into edit mode instead of taking it on air. Now, with edit enable turned off, operators can double-click on items without risk of them going into edit mode instead of going to air.
#XPression