You see an answer which is incorrect in formatting or content, but is easily fixable. What do you do?
I see three reasonable (active) options:
1) Add a comment explaining the issue and the suggested correction.
2) Directly correct the error using the edit tool.
3) Downvote and move on (especially applicable if there are other correct answers and/or it was a content error).
Let's disregard the downvoting option for now assuming for some reason you are feeling motivated enough to make this answer right.
My tendency so far is to directly edit if the answerer is a relatively new user (especially if the error is formatting), and comment if they appear to be a more experienced user (especially if the error is content). I see the following advantages -
Commenting: Is more deferential, and allows the possibility of the suggested edit being incorrect.
Editing: Is simpler and quickly resolves the problem.
However, directly editing seems preferable for all parties in terms of efficiency, but it appears that experienced users typically find this action offensive, and even sometimes follow up with a trivial edit of their own (I presume so that the answer appears wholly theirs again).
In short: If there is definitely a mistake in an answer and you are sure you can fix it, is it preferable to leave a comment or just to fix it yourself?
A few examples of the types of errors:
a) In the context of taking a derivative: $\sin^3 x=3\sin^2 x \cos x$
b) In the context of defining a polynomial basis: $\{x^i~|~0\le 1 \le n\}$
c) Multiplying $a$ and $b$: $a.b$
Note that I am asking particularly about answers - which somehow seem more sacred to users than questions.
A related question: is there any etiquette to be observed when editing a question or an answer