I would want this because sometimes I regret something I post on others' profile. It sometimes gets on meh nerves.. and this would be a very useful thing for me.
Well this may be a problem, because if someone wants to report you (not necessary you but U kno) for abuse, you can just delete the post and then they have no proof.
Think before you post. If they install this then abuse rates will rocket. The only way to counter act would be screenshots.. and lets face it.. I would rather have the post than a screenshot.
Blackbeltr0 has a strong point there Charlie506... if you think before you post, you may have less of a problem in the future.
As for the comments already on other's profiles... try asking them to delete your comments from their profile maybe? I think most users will be glad to help you out if need be! =)