My kitty was put on Prednisolone (similar medication) 2 weeks ago for suspected Lymphoma. In these 2 weeks her appetite has increased insanely, she has gained weight, her stool is back to being normal after months of diarrhea, no vomiting, her fur looks soft & shiny, and she has had no personality changes- she's still as playful as she has always been. I know that the long term side effects are scary, and I don't have any experience with them since my cat has only been on pred for 2 weeks, but I know that it is helping her with her problems! Hope that helps.
Prednisolone is slightly different than Prednisone. The first is for cats, the later is usually given to dogs and humans. Something on the molecular level makes the Prednisolone easier for cats bodies to process.
That being said, Prednisolone is a very good anti-inflammatory drug for cats. It also does stimulate appetite. However, since it is a steroid, it should be used in small doses. As always, be sure to discuss any concerns with your vet.
Why has your cat been prescribed prednisone? It's easier to give feedback if we know what condition you're treating
My 3 year old girl is on prednisolone for a lump on her jaw (can't be surgiclly removed because of location, but the pred shrinks it down and keeps it down), and she does very well on it. It does increase her appetite though, so we have to be extra careful with her weight.
One of my cats was on Prednisolone for 8 years for IBD. It kept him stable for that 8 years and he had no side effects from it. The most common side effect is diabetes which usually resolves when the steroid is stopped. If the steroid is an absolute necessity then you get into treating the diabetes so the steroid can be continued. In general cats actually tolerate steroids better then people do.