I think you guys are falling for a troll. It isn't an overly simple process, I doubt most people would make the effort any more than most people would edit a book they would buy at the store with white out.
I certainly don't approve of changing an authors work, but I've got something on my reader with a misspelling. How do you correct Kindle errors ?
You would have to use something to strip out the DRM, then something to convert it to HTML or RTF or whatever, make your changes, then you would convert it to MOBI (which is the Kindle format). From there, you upload it or email it to your Kindle. Like I said, not a simple process, especially if you are doing it to correct one or two spelling errors.
Is it moral? Well, if you are correcting typos then whatever, but who is going to go to this effort to correct a typo? If you are altering the book in a more significant way, then no it is not moral, but that is why copyright has a no derivatives clause and the publishers should go after people distributing altered work to the full extant of the law.
This wouldn't be a new event, things like Grimm's Fairy Tales were not created out of thin air, and how many people think they know the story of Aladdin or the Hunchback of Notre Dame because they saw the Disney movie?