I'm seeing a new color of "moderator action required" badge at the top, and when I click on it, I get this text:
These edits were suggested by users who have not yet earned full edit privileges. Approve edits you know are correct; reject those you know are wrong. Leave ambiguous edits for other users to judge.
Followed by a side-by-side comparison of your version and the original version and "Approve" and "Reject" buttons.
Since it looked correct, I approved it, and the change took effect immediately. If I wasn't a moderator (or especially high rep user), it may have taken two users approving it for your edit to take effect.
Another 100 rep points and you won't get that anymore.
This is a new feature that they seem to have rolled out fully to all the stackexchange sites yesterday: