what happens when this thing fails, because everything fails
From what I can tell, failures would pretty benign.
You use the pump when you're getting light (approx +1 lb) and don't want to breath a little shallow any longer. If the pump fails, you'd swim up (while being a little light). Thicker wetsuit could have an issue as it expands (*), but shallow breathing with a bit of finning down would make for a safe ascent. Honestly, I suspect even without finning it will be slower than many normal OW diver ascents (where the BC expansion outpaces their reactions).
The purge (ballast removal) is non-electrical, with water being pushed out by the air bladder. One cannot take on much ballast in the first place, so if the purge failed open at the worst time (end of the dive at reserve pressure, losing all your ballast), you would be at most +9 lb buoyant. Finning downward can overcome that.
If the purge could not be opened for whatever reason, you might be around -1 lb negatively buoyant (you'd put in around 2 lb when getting light). Easily swimmable and you have to climb the ladder with that ballast (similar to a normal rig where you climb with your lead).
What is not obvious to me is if the pump continues to pump: I would hope there is an overpressure facility of some sort for the water release valve (similar to an OPV on a BC). We know there would be one on the air valve, but it would suck if the continued pumping would take up more and more of the tank volume, compressing the breathing gas beyond the capability of the burst disk. However, I suspect the pump would not be capable of pumping to such pressure. So you might be a few lbs negative, again swimmable.
(*) Avelo claims you don't have to worry about wetsuit expansion/compression. I don't believe this, as there is objective evidence of a 30% surface buoyancy loss at 33 ft (10 m). I've measured an XXL 7mm Bare Reactive suit at 16 lb of surface buoyancy, so that's at least 5 lbs that will be regained (obviously more from deeper). [Bardy, Erik; Mollendorf, Joseph; Pendergast, David (October 21, 2005). "Thermal conductivity and compressive strain of foam neoprene insulation under hydrostatic pressure".
Journal of Physics D: Applied Physics.
38 (20): 3832–3840.]