I think Edge will be considered a legend of his time. Not one of the greatest EVER but definitely one of the best of his era. He'll go down as a top guy in the John Cena Era (which is what we are in right now). His accomplishments are incredible, especially if you take out the bullshit lackluster 5 or 6 BS world title reigns. I think he'd be seen a little better if he had 3 or 4 MEANINGFUL world title reigns. MikeRaw is correct on the decorated aspect as it clearly means actual title wins, not how credible they are. I think Edge will fall into the same league as Steamboat, Savage, Bret Hart. If you set it up in tiers I'd go:
Tier 1: Hogan, Austin, Vince, Flair, Cena
Tier 2: Andre the Giant, Piper, The Rock, HHH, HBK, Taker
Tier 3: Edge, Orton, Bret Hart, Savage, The Ultimate Warrior, Foley, Angle, etc...
I see it as the TOP Guys in their ERA as the real icons, tier 1 guys, guys who carried the business during their time or made the biggest impact on this profession, their immediate advisaries as the next in line as without them the top guys have no one to make them as good as they are and then theres the next level which has guys who just performed on a consistant level throughout their careers and made an impact on the business during a time when they weren't actually the TOP stars.
So in closing - yes Edge will be a Legend when his career is over but not someone who transcends this industry.