If I make an edit to a post or answer, how will I know whether the edit has been accepted? I understand that all edits are placed in a queue, but I am not sure how to tell if the edit has made its way through the queue or not.
Have you already suggested some edits? I don't see any on your activity tab.
I think that if someone has suggested edits then he can see them in his activity tab, as, for example, this user. Notice that you can click on the text suggested edit and you will get to the page showing the suggested edit, like here. On that page you can see what happened with the suggested edit so far - which user voted to approve the edit, which users voted to reject the edit or whether some action has been taken at all.
You'll get +2 reputation, when your suggestion is accepted, and (I think) a notification. When your edit is accepted it also shows up that you edited that post.