We used it yesterday. The boat pull cord was tangled up in a length of old steel cable that was hanging from the ceiling to a couple of feet below water level, making the boat impossible to bring to the base of the abseil, but stuck around 10m in to the lake. Fortunately, we had a one person inflatable kayak with us, so were able to get to the canoe and disentangle the pull cord from the frayed end of the cable. I can confirm that working with a sharp, frayed steel cable end on an inflatable boat is a bit nerve wracking! After that, the boat worked fine and we had an excellent trip through the mountain. The inside of the boat seemed pretty dry. It now has paddles inside, which we used to cross to the Rhosydd end, with the cord to pull back. I suspect that the slackness in the pull cord, now it isn't using the clever pulley system, allowed it to drift in to the sunken steel cable and snag.
For the future, if a public spirited person could take a battery angle grinder with them and cut the cable a few feet above water level, then that would prevent it happening again. We can confirm that it is a very good idea to have an alternative method of floatation with you for the lake crossing. It saved us a long return trip back out of Croesor and a second tramp across the mountain in the rain.
Jen