Alot like GFE, PSE, and some of the other terms out there, the original or actual meaning of it can be very far away from how it is being used by someone who doesn't understand the difference. (I still don't know what a PSE is and how that is different from GFE and how they both are different from the standard FS model from days of yore because I get different explanations all the time for each)
So what I do know about is this and this might help clear up some misconceptions.
Yes, pegging is the new slang for strap on for most folks. She is correct.
But edging is not actually tease and denial. Where tease and denial employs more art, playfulness and sensual/erotic engagement of ALL the senses. Edging is limited to the physical mechanics/method of keeping someone's arousal in a state of near climax without release. Its like the difference between exotic dancing and strip tease burlesque.
And while some form of denial as self control is employed in tantra, without the actual education of what you are doing, why you are doing it and the other teachings that make up the other spokes on the wheel of this practice that make this ... well, tantra... what you will end up with instead is an empty and confusing investment of time and money because you'll be like... that's it? THAT was IT? Where's the nifty prize at the bottom of this box that I thought you were supposed to get?
Tantra without understanding the actual practice and putting the layers of it on from solo practice to partner practice is like taking all the things that make really exquisite liquor what it is, and only keeping the very utilitarian components to make it. You end up with the equivalent of "prison hooch" being passed off as 100 year old Scotch. Tantra isn't for everyone. It is more suited to people who are thinkers and/or enjoy the subtleties of things rather than the overt, the graphic or the pedestrian which is probably why it isn't more popular. It's not an action film. Its more like an art film. LOL
And with "edging" there is a possible complication of over-stimulating someone to the point of no return rendering them "frozen" in this state for hours afterwards. It is entertaining but like going through each page of the kama sutra, if the only thing you are getting out of it is novelty value, you will find yourself disenchanted with it and enjoying it less, soon enough and looking for the next new thrill.
Hope this helps