You could probably use Edge if you wanted to test some basic functionality and become more familiar with the command set. However, the simulator does try to mimic actual hardware as much as possible and as such gives a slightly different experience. For instance you can create a multi-node C-mode cluster using the simulator. You cannot do that with Edge.
I think the biggest trade-off other than a limited feature set is the fact that Edge is a paid product, whereas simulator is free to use. Edge requires a Snapvault Secondary, otherwise it shuts itself down after 72 hours, according to my SE.
Also there is no Snapmirror at this time with Edge. It's a source only product, so you could use it to replicate to a filer, but could replicate back. Ie, one-way replication.