V.,
Ironically, I am a patient at the Hospital for Special Surgery in New York City. Prednisone does have those yucky side effects. I am taking it right now for my RA, because I am pregnant. However, I don't usually.
You don't mention in your post which meds you have tried, and what has happened with them. I have gone through some NSAIDS, and that didn't really solve my problem, and I tried Enbrel, and that didn't do it for me, either. I have taken Remicade for several years, and it works WONDERS for me. It works overnight, I don't need any other meds while I'm on it, and it keeps me feeling like I don't even have arthritis, about 95% of the time.
Not all meds work for all patients. But there are a lot of them out there. If you haven't tried them all, then don't give up! Other than the ones I mentioned up there, there is also Humira and I think it is Arava that are used for RA. These are DMARDS, which stands for Disease Modifying Anti-Rheumatic Drugs. These not only help you feel better, but they slow down the progression of the disease, and slow the destruction of the joints, so you will be less sick overall.
Talk to your reheumatologist about other med possiblities, and if you don't like the answers, find another doc. I love HSS, and they've done wonders for me, so take a look at what they can offer you if you look for another doc. I actually travel from the Poconos into Manhattan every 6-8 weeks to see my beloved rheumatologist, because he gave me my life back.
If you come off of the prednisone, the swelling and fluid retention will go away. The facial hair will have to be removed, but won't keep growing back. The weight will be with you, but you can take it off with diet and exercise.
Good luck, V.! We can live with this disease, especially now, when the med options are really great. I hope you and your doctor can find something that works for you, without having to take the hated Prednisone!