From a physiological standpoint, RSI should help your pulmonary edema patients, especially with generous helping of PEEP. The problem comes while you are attempting to RSI a CHF patient that has poor oxygen reserves.
Often these patients already cannot be hyperoxygenated with a nonrebreather or BVM, hence the reason for intubation. Starting with a saturation that is barely 90% is bad enough. Unfortunately, the first instinct after administration of paralytics or sedatives is to place the patient supine. I have seen this go horribly wrong on a few occasions. The secretions from the airways start pouring from the mouth making intubation difficult. The apex of the lungs, where most of the ventilation was probably occurring, fills with foamy fluid. You can no longer effectively ventilate these patients. Even if you get the intubation in record time, the oxygen saturation will continue to fall for a few minutes even if you sit them back upright to allow ventilation of the apices of the lungs (unlike COPD'ers that rebound pretty quickly most of the time). If they arrest, you might as well start cancelling christmas plans for them. I don't think I recall ever having seen one come back followng an arrest in these circumstances. You cannot do effective CPR with the patient sitting upright, and you cannot ventilate with the patient lying flat.
BiPap is a wonderful thing. It has greatly reduced the need for intubation. The problem is, what to do when it doesn't work? If you wait too long, you're in a corner, intubate too early and you probably could have turned most of them around. Nasal intubation should be a consideration. It can be done while the patient is sitting upright and is a relatively straight forward procedure in many cases. It does seem to be hit or miss in reference to success rates (my success rates anyway). I try to use a smaller tube size. A horrible nosebleed in a crashing pulmonary edema patient is the stuff horror movies are made of.
I have come to prefer intubating CHF patients with them in a semi-reclining position as it maintains some ability to ventilate them. I think this is the best option if RSI is necessary. Resist the urge, or others urges, to place the patient flat. I really think this is what seals many of these patients fate, rather than some underlying cardiac decompensation.