Hi Srini,
I faced the same issue. I developed a lot of flavours for a company and before leaving when I was doing KT, the users had this problem.
All they have to do to edit a flavour is change the ownership of the particular flavour using the admin transaction.
The other way is copying the flavour and setting it as a default. If there is a major change, I suggest, this option.
Regards,
Manu