I was hospitalized for an ARDS-like episode May 2014. It's not necessarily respiratory failure, but it might as well be. My lungs filled with fluid, probably from being around cigarette smoke, and it triggered an immune response and my lungs filled with fluid. I was in the ICU on a ventilator for a few days. It wasn't as bad as it could have been. It is potentially fatal but also usually affects older people. From what I know, (older) people usually have a difficult time recovering. Somehow I made a near full recovery in a relatively short amount of time. But the episode wasn't as severe as it could have been and I was 18 and otherwise healthy.
I now get between 50-70% function in my right lung (near 100% in my left) which isn't great but it hasn't stopped me from skiing and livin life yet so hell yeah to that. I haven't had anything that severe happen since and otherwise things are lookin damn good.