There is very little systemic absorption with inhaled corticosteroids, which is why it's preferred over prednisone. That said, there still is some absorption, especially with high-dose inhaled steroids, but not enough absorption to cause side-effects such as HTN, DM, or psych symptoms. There was a study that showed that people who were on long-term high-dose inhaled corticosteroids had lower bone density than those who were not, but it's unclear whether it would result in any clinically significant osteoporosis.
That said, even one 10-14 day course of po prednisone causes more bone loss than years of high-dose inhaled corticosteroid therapy.
The most common side effects of inhaled corticosteroids are a sore throat and oral thrush, both of which are easily avoided by using a spacer and rinsing your mouth after using the inhaler.
FYI - no pulmonologist in their right mind would ever put any patient with more than mild intermittent asthma on singulair monotherapy. If anything, singulair is used in combination with other meds. The only reason it's so popular these days is because of marketing -- people are seeing the commercials, and then asking their PCPs for the med thinking that it's a cure-all. BTW, I just saw a patient in my clinic the other day who had moderate persistent asthma, who was referred to me from her allergist because she was a 'difficult to control' asthmatic. I was shocked to see that the only med the allergist had her on was singulair -- the allergist had specifically stopped her flovent even though it was working, and she wasn't even on a long-acting beta agonist! I would have thought that an allergist would know better than that....