Editing images using natural language instructions has become a natural and expressive way to modify visual content; yet, evaluating the performance of such models remains challenging. Existing evaluation approaches often rely on image-text similarity metrics like CLIP, which lack precision. In this work, we introduce a new benchmark designed to evaluate text-guided image editing models in a more grounded manner, along two critical dimensions: (i) functional correctness, assessed via automatically generated multiple-choice questions that verify whether the intended change was successfully applied; and (ii) image content preservation, which ensures that non-targeted regions of the image remain visually consistent using an object-aware masking technique and preservation scoring. The benchmark includes over 1000 high-quality editing examples across 20 diverse content categories, each annotated with detailed editing instructions, evaluation questions, and spatial object masks. We conduct a large-scale study comparing GPT-Image-1, the latest flagship in the text-guided image editing space, against several state-of-the-art editing models, and validate our automatic metrics against human ratings. Results show that GPT-Image-1 leads in instruction-following accuracy, but often over-modifies irrelevant image regions, highlighting a key trade-off in the current model behavior. GIE-Bench provides a scalable, reproducible framework for advancing more accurate evaluation of text-guided image editing.