The next component of vector editing is a control to move features.
Here's a demo:
http://dev.openlayers.org/sandbox/tschaub/feature/examples/drag-feature.html
(once dev is updated)
This depends on the patch for #628 being accepted, so I'm not going to submit a patch for now.
All other vector editing can build on these two controls: SelectFeature and DragFeature. For example, to modify a feature's geometry, you would first select it, then create temporary (sketch) features representing verticies, then activate the DragFeature control to move those verticies. This will be wrapped up in a control called ModifyFeature. Etc.
Did I mention how much I dig the new handler architecture?