I think they were one of those things that were cool in theory, but more bother than value. That is to say, they didn't usually have that much affect on a contest, but took continual additional math (you had to add your edge and subtract your opponents on each roll). Now, for some people that math would take maybe a second, but for others it is more intrusive. So by moving the affects to the ability score itself so you only have to calculate it once per contest (normally....depending on how much tactics, situation, and skills change) reduces the amount of calculation required.
One interesting effect of having equipment as edges was that it made equipment matter more at low levels than at high. So when two farmers faced off, one having a sword and the other a dagger made a big differences. But when heros when toe to toe, it mattered much less (because the AP were so much higher, so bids were apt to be higher).
--Bryan
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