To prepare a critical edition requires a non-trivial amount of effort and work, and it makes sense that it is counted as a creative activity: it is not just to "recover what is there", but also to propose and suggest a model in which a text might fit. Actually, the original text itself may not be subject to copyright (nor anybody might claim so) but the actual compilation does. So, while copyright on the texts of Homer has definitely expired (and it cannot be claimed by, for example, the Greek government as "rightful heir"), a critical edition of the Iliad is protected.
Actually, if one just wants to read an ancient work the point might have limited relevance
(since -usually- it might be possible to find late XIX century critical editions which are "good enough"). However, for scholarly study it is of the utmost importance to determine which lectio is being followed (and why).
For a paradoxical example of "what a commentator might do", I point out the novel "Pale Fire" by Nabukov [a short description is here: http://en.wikipedia.org/wiki/Pale_Fire ]
This is not supposed to happen in real life, though [even if some "comments" on sacred texts might have had even more radical effects]
I would like to add a further remark: most libraries and galleries control reproduction rights for their possessions (e.g. by forbidding to take pictures); this is something quite different from the copyright of the author.
For example, consider this page on the National Gallery web site:
http://www.nationalgallery.org.uk/home/copyright.htm
The National gallery has copyright FOR ALL THE PHOTOGRAPHS OF THE PAINTINGS [...] ON THE WEBSITE
and then they notice that
"For some more recent works in the collection the work itself will also be in copyright. "