I'm wondering who is doing the edit approvals during the closed beta? Robert and Rebecca?
You can see that privileges have essentially the same structure as on "grown-up" sites (like SO), but each requires less reputation.
Therefore, everybody with edit privilege should be able to approve edits. And everybody with access to moderator tools can see suggested edits page.
But since we don't have any 500 rep users yet, you're probably right: mods will do that for now.