TSandM:
"...Anyway, curious what people who actually do these sorts of dives think."
...there are two basic schools of thought - shoot a bag and drift, or use an upreel.
First, though, environmental characteristics. East cost wrecks lie on the continental shelf. This is different from the west coast, where there basically is no continental shelf. This means you can take a three hour boat ride and wind up 65-70 miles offshore, and be diving a wreck at depths between 130' and 240' or so.
Additionally, currents can be wicked strong. Also critically important is that weather changes can be relatively sudden and frequent. Winds can change direction, seas blow up in a short period of time, and the weather can rapidly turn snotty to include rain, mist, and fog on the heels of a beautiful sunny morning.
Also important, at 65-70 miles offshore you are diving in international shipping lanes. Big freighters can't see a diver drifting in the water at all, they can actually put dive boats themselves in jeopardy, and they can't turn worth crap - and that's if they see you at all. They can simply run you over and never even know it, and there's no way you can swim out of their path in dive gear if they've got you dead in their track.
All that being said, the key factor is if you miss the upline and you have a deco obligation, you can be in a world of hurt IF the weather has gone to hell on the surface while you've been down, IF its getting foggy or a storm is coming up, IF there are strong currents blowing you away from the dive boat, etc. Just blowing a bag and hanging under it for your full deco profile could conceivably have you out of sight of the dive boat by the time you surface. Swells are often 2-3 feet on most days, and if you add waves of 2-3 feet on top of the swells then people really need to be looking to see a diver 70 - 100 yards astern. IF the weather has gone to hell while you've been down and doing drift deco, and the captain has other divers at risk, he can't stay out forever looking for you and put everyone else at risk. You may be drifting for awhile.
(Dive boats on the east coast are not like dive boats in other locations- there are no (or few) "live" boats or 'drift deco' on the east coast. Charter boats anchor in on the wrecks and stay there...if you miss the upline, thats your issue. Don't miss it...)
But the important point is that while the dive boat may have trouble finding a diver adrift in fog 70 miles offshore, the dive boat can ALWAYS find the wreck - because the numbers to the wreck are programmed into the navigation system. So...if the diver can stay with the wreck, regardless of other considerations, then the dive boat will be able to find the diver.
This is why some east coast divers carry up-reels. These are reels of various sizes that carry some 250'-350' of stout nylon cord (or in some cases sissal or hemp cordage). If you miss the upline, you tie off to the wreck and then begin your ascent, slowly paying out the line on the upreel as you ascend. You still need to ascend under complete control, but instead of moving along an anchor line, you ascend holding a reel which is attached to the wreck. When you finish your deco and finally surface, you clip the reel off to your waist D-ring and inflate your surface marker bouys. The line to the wreck prevents you from drifting off into eternity some 70 miles offshore. It guarantees that the dive boat will be able to find you, because the dive boat will always be able to find the wreck.
(The other option is of course to blow the bag, hang beneath it, and ascend on deco while you drift. If you have a scooter and can motor back to the boat upon surfacing, (assuming you can see the boat,) or there are other boats in the area who can pick you up, this works fine. But if luck goes against you, you'll wish you packed a lunch. You may be drifting for a long, long time....and there are accounts right here on ScubaBoard over the past three and four years of divers off the east coast who simply drifted away and were never seen again by the searchers. It happens. Not frequently, but one or two divers each season along the east coast either fail to surface, or are seen on the surface and then disappear, drift away, never to be found.)
So there is the debate...basically from a pro-upreel perspective.
I've no idea what decision-making went through this guy's mind, but if it were me and I had a decision to make regarding whether to conduct a slow ascent and hope I was not a mile or two down-current when I surfaced, or surface closer to the boat and hope they saw me, that would be one hell of a decision. I'm assuming that the 'reel failure' being alluded to was the failure of his upreel - which put him squarely in that position. Looks like he concluded "we can fix bent, but we can't fix 'lost at sea'", and gambled on coming up with ommitted deco to make it back to the boat.
He chose poorly. On the other hand, (not knowing if the weather had changed topside or not,) he could have drifted down-current, surfaced two miles from the boat in fine condition, and never been seen again. Its sort of damned if you do and damned if you don't, given those specific circumstances, in the absence of some means of attaching yourself to the wreck.
Regards,
Doc