I believe it is more of a Anti-Spam feature.
A while back AMD Forums was being overrun with Spammers posting 1-20 Spam posts in a very short time every single day.
So I guess this help prevents Bots that posts Spam to AMD Forums.
It is possible the 10 minute wait is for AMD Users with a certain Rank and below. just guessing. I do notice many new Users complaining about the 10 minute wait time.
As for the "Correct the highlighted error and try again" is a Pain in the neck. When the error occurs it doesn't show you which part of your reply is causing the error.
What I do is just hit 'Post' until it passes. When you hit "Post" it corrects whatever error you have automatically. But if you tried 3 times or more and keep getting the error than you need to delete your reply or the last entry in your reply and slowly add one sentence at a time to see what is causing the error. Normally if you upload a image or copied text from another website will cause this error.
Sometimes to get around this error I simply post another reply with what I tried to add to my original post that started getting this error.