I built the latest ipython from github and the %edit magic does not work. It creates the temporary file with the correct contents but these contents are not being input into the qtconsole session. However, it works as expected with the plain console-based ipython.
When you say "not being input", do you mean that it doesn't load an editor, or that it doesn't execute the code after you've finished editing?
That's OK. %edit actually works differently by design in the Qt console, because using a GUI editor lends itself better to multitasking, so we don't try to run automatically when you close the editor. There was some discussion about this, and whether not executing should be the default in the terminal as well. I can't remember if a definite conclusion was reached, so you might want to bring it up on the mailing list.
Closing, as this is actually behaving as designed.