This module adds a contextual link to the Entity Field panel pane which allows that field to be edited without having to visit the entity's edit page. This field editor will open in an overlay if overlay.module is enabled.
This only affects the entity pane for a single field.
This module requires CTools from Oct-04-2011 or later, Entity and Contextual modules. It has a soft dependency on Panels -- you can use it without Panels but you will have to provide the field edit links yourself.
This module was sponsored by iO1 and iVillage.