Editing: you can cut out the bad bits or any unwanted bits, such as you reaching forward to switch camera on/off. You can zoom in or out a little, lighten or darken your picture if need be, special effects, add titles and endings, credits, etc.
I have found that when recording myself, if I make a mistake, it is better to just keep going with the recording and play/sing the same passage again, rather than stop/delete/ start again - the latter only makes me more nervous of making another silly mistake next take, and it will then inevitably happen! If you just keep going, you can cut out the bad bits and splice the good bits together seamlessly.
Btw, I did also mention using the software that comes with the camera, in my post on 14th August.