At this point, I am one of the long-termers around here. I have been here since November 1998 and discovered my PF around 8 months prior to that. Happy to say, I have turned the major corner in fighting this condition and am recovering -- not as fast as some have, but recovering nevertheless.
For me, rest for my feet was critical. I did very little on my feet at all. In fact, I got off them as much as I could. (Had been an avid walker, 4 or 5 miles a day, sometimes more, until PF.) However, I used a stationary bike and swimming pool for exercise -- not as much as I should have, but definitely better than nothing. I am convinced that the aerobic exercise helped me to recover -- and especially since it was non-weight bearing aerobic exercise.
Am finally back to walking -- not much, but 1 or 2 miles a day is like a major miracle for me after 20 months of not walking. Even if plopping in a wheelchair WERE the best thing for your feet, it's not the best thing for the rest of your body and I would imagine that inertia would be detrimental at some point. So from my point of view, rest for the feet but exercise for the body is part of what has helped me. I think everyone must find his or her own happy medium in the rest vs. exercise issue.