Yes, it's minutes.

I set it to 3600 and the link appeared. A few hours later the "Edit" link was still there for the test post. So I changed it back to "60" and and it did not appear for a new test post.

Then I noticed that the server time is off - Daylight Savings Time had not kicked in. So I changed the "Default Time Offset (Hours)" from -5 to -4. Prior to the change a post made 10 minutes ago did not have the edit link. Now it does.

I'm guessing the server does not have the patch issued in 2007 for the shift in Daylight Savings Time to start on the second Sunday in March.

I would not have thought that DST would affect anything regarding posts except the displayed time. But it appears it does.

Thanks!