Q: How is content managed directly on the page?

A: eZ Publish has strict control over the publishing process, both in terms of content and meta data management but also in terms of version history and permissions. When you edit content via the front-end (the actual website) you will get forms for each part of the content item you are editing. All actions are recorded in the version management system and you can easily track changes.
A quick demo video showing this can be viewed here:
http://ez.no/Demos-videos/eZ-Publish-Basic-Editing-Video-Tutorial