Correct, I am aware of the decay, however, it's a great hedge for long positions and am chasing overall portfolio returns. Additionally, as we have seen, in a down market, selling accelerates and the inverse ETFs move disproportionally higher. Let me define long-term as "non-daily" trading. For instance, my OCT 2009 position in FXP was sold at a significant profit a few weeks back. (3.5 months position)
Another observation on FXP is that fact that it does not fluctuate nearly as significantly to the down-side as a FAZ etc.
In other words, it's the only ETF I am averaging down on and selling on strength, non-daily perspective. It's the only inverse ETF I hold and like at this point.