My view on edgehogging is pretty simple: Why not?
Give me a good reason not to edgehog. Don't tell me "it's cheap" or "it's for people who are too lazy to edgeguard properly" because that's a load of crap. While you're using that arguement, you may as well go on to say that bringing someone's damage above 100% is cheap and for people who are too lazy to make the effort to kill before that.
Secondly, as countless people in this thread have already pointed out, the game itself gives you bonus points for edgehogging. The same bonus points you get for landing a meteor, stringing attacks together or simply landing kills are also awarded for edgehogging. How can you possibly mistake edgehogging for something "cheap" or "lazy" if people are rewarded for doing it?
Finally, it's not like edgehogging is unbeatable. Sure, there are situations where there's no way around it, but there are also situations where theres no way around death to an fsmash, yet you don't see posts on these boards titled "fsmashes should be banned". Most characters in the game have good ways around edgehogging, from doublejumped aerials (Marth and Sheik's fairs) to moves that stall them in the air (PTPing and the shine) to plain not going for the edge.
Edgehogging is a legit and accepted part of the game. It gives no one character an advantage over another, since all characters can edgehog and get edgehogged (maybe not evenly. For example, Fox is more vulnerable to edgehogging then Pikachu, but characters all have advantages and disadvantages. Vulnerability to edgehogging is one of those variables. If you don't like getting edgehogged, play a character less vulnerable to it).