At version 10 there is an editing toolbox which has 7 tools that allow you to apply edits to all or selected features in a feature class.
Let me show you an example from 3 of my favourite tools.
The extend tool will extend 1 or multiple lines based on the distance the lines are apart. In the image below I have 3 unconnected river segments. By selecting each of the 3 segments and measuring the maximum gap they are apart, the selected segments extend and snap together.
The flip tool, as the name suggests, flips the line based on the direction of digitisation.
In the example below I have 2 stream segments that have been digitised upstream (which is not good when tracing the true direction of flow in a stream network). By selecting these lines I can flip them to be in the direction of downhill.
The snap tool will move points or vertices to coincide exactly with the vertices, edges, or end points of other features. The image below has a selected polygon that I would like moved and snapped to the boundary of grey ‘hollow’ polygons.
By adding these features into the inputs, the vertex type to snap to and the distance the features are apart, the feature is moved and snapped.