Rather than having the current system, where in a question or answer the revision history link is the "Edited ago" text, wouldn't it be less confusing to add a link called "Revisions" or "Revision History" to the line of links that shows up on a question (the links for link, edit, flag, and so on.)?
Personally, I find having the revisions link under that line of text stating the time since the last edit too confusing.