The best installations combine tape and sealant. A sash doesn't matter, the principles are same. The installation principles are the same. A skilled glazer is absolutely critical to the success of the installation. As Tom states, the system must be designed properly. Executed properly, glazing direct-set in wood frames will last a long time. A skilled glazer has no need to clean up smeared caulk. I have extensive experience with design, fabrication, installation, repair, and retrofit of such installations across the country. Problems, leaks or seal failures, almost always have a direct correlation with poor installation or the lack of weeps or drainage in the system.