Are you sure you're talking about your child, and not mine? It's uncanny how alike our 2 year olds are! Really, EVERYTHING you said, but the weight and height percentiles (Luke is a little higher in height, and lower in weight) are identical.
Anyway, yes, we have experience using the two inhaled meds (pulmicort 2x daily and albuteral as needed for wheezing). The ONLY side-effect we've encountered is mild irritation to his reflux when taking the pulmicort 2x daily. Since we noticed that, the doc has cut the pulmicort back to 1x daily when healthy, and tells us to bump it up to 2x daily when ill with a cold or URI. Since starting this prtocol, we've noticed his ability to fight off many more colds without antibiotics or oral steroids, and only a few will progress to a full-blown URI. Previously, every cold developed into a URI - it was so frustrating.
As far as outgrowing reactive airway disease/asthma, I can tell you that both I and my niece successfully outgrew asthma by our teenage years, and my nephew is on his way to a similar outcome.
Good luck and hang in there, I think you'll find this is a good care plan for your son, but certainly watch him for any reactions. As you know, those can occur with any medication, but the benefits usually outweigh the risks.