For my money, I prefer bilevel NIPPV for its versatility, but it can be difficult to get people used to the dual levels, especially when they're tachypneic and anxious. CPAP really shines in its ability to present a *consistent* pressure, and anecdotally, I find it much easier to tolerate, even the disposable ones. NIPPV through a vent, properly managed, burns a lot less O2 than a Pulmodyne or other oxygen-powered unit.
I really, really like "ghetto bipap" too. BVM + PEEP valve and a repurposed CPAP mask or BVM facemask actually does a surprisingly OK job, especially with patients who are already so distressed as to be unable to tolerate CPAP.
Short answer: give me a good vent, the autonomy to use it and let me pick what works best.