If the edit option that you are looking for is what I have in mind, see below instruction from the user guide of the device.
With Photo editor, you can add effects, text, clip art, or frames to your pictures.
Select Menu > Applications > Photo editor and a picture.
1 To insert effects, select the desired option from the extended toolbar.
2 To save the edited picture, select Options > Save. The edited picture does not
replace the original picture.
To later view your edited pictures, select Menu > Photos.
Not sure but this is what it seems..that there is NO separate application in the update but the feature is integrated within the Gallary as mentioned here also ...