Well, I don't personally own the game, but yesterday, I finally got some experience myself at playing Brawl. Of course, I used Olimar a ton. Maybe it's because we played on close-edge stages, but I rarely had a problem with edge hogging. A few times the short length of Olimar's chain annoyed me, but other than that, his recovery was fine. I think this is because his DI is so flexible. Since he's light-weight, if launched any distance up, he can easily make it back to the middle. Even if he's launched horizontally, sometimes you can just tilt your control stick right back and recover (since B-up provides some upward movement) without grabbing the ledge. If you have to grab the ledge, and they try to edge hog you, if you press B-up before they get to it (and even better hit them while they're in the air), they're in a very bad position. If they have jumps to get back up, you could make it back on the platform before them and edge guard them now. If they don't, and try to attack you while you're on the chain, you can climb up while they go down to hit you.
Anyways, I think Olimar's ability to control whether he falls softly or fast falls is great enough to bypass his recovery problems. His killing potential is enormous, even without his spikes. (I haven't been able to get the hang of those yet.)