Frame of reference for edges
It is quite interesting to observe how much confusion there is concerning the frame of reference for the edge orientation.
The most general method I can think of is to use a different frame of reference for each edge. That is, tag one facelet of a certain edge E. Then tag exactly one facelet for all 12 edge positions on the cube, if we assume that the edge E is unflipped in its home position, there are 2^11 possibilities to do this.
The tags on the edge positions do not change when doing a face turn, only the tag on the edge itself is moved by the faceturn.
If E is in an arbitrary position, we define E as unflipped/flipped, if the tag on the edge positions which E has matches/does not match the tag on the edge E itself.
Repeat this procedure for each edge. So there are (2^11)^12 ways to define a frame of reference for the edges.
But of course this is far too general because it is much simpler to use the same frame of reference for all 12 edges. Then we have to tag one facelet for all 12 edge positions only once, there are 2^12 possibilities. The tags on each of the edges is determined by the requirement that in the solved state the edge is unflipped.
All these different frames of reference work, but there are just a few which are nicer, for example those who allow to prove some property of the cube
There is a simpler reference frame as the one discussed in this thread to show the desired result. Use a reference frame where each quarter move flips the orientation of each involved edge. To do this tag for example the U-facelets of the UR and UL edges, the D-faclets of the DR and DL edges, the R-facelets of the RF and RB edges, the L-facelets of the LF and LB edges, the F-facelets of the FU and FD edge and the B-facelets of the BU and BD edges.
Each quarter move flips 4 edges. If 0 of the 4 edges were flipped before, 4 are flipped afterwards (0->4). The other possibilities are (1->3), (2->2), (3->1) and (4->0). In each case the number of flipped edges changes by an even number. So the number of flipped edges is always even and you can reach at most 1/2 of all possible edge orientations.