I was part of a group that traversed the range(s) last summer (Feb 08). We went from Sprent to Red Knoll Lookout in 8 days I think. A generous walking partner's partner drove us in and we left a car at Red Knoll for the week.
Navigation became tricky in the clouds a couple of times, and the snow shower was an eerie experience. Aside from the cloudy navigation, water was the main concern. Like others have said there are not accessible lakes, except the last day along the 'impoundment' so we took advantage of every opportunity, the plastic tubes got a good workout, except after the monster thunder and lightning storm.
We came off Frankland out along Right Angle Peak and found the 'track' down to Pebbly Creek (in the cloud again) and then traversed the Giblin range to the lake, so that's another, and judging by the track a popular, option. The lake level was quite comfortable, only had to do 30m in the buttongrass, and a couple of softer creek outlet sections. The rest was quite easy compared with some very wet stories we'd heard. When I got home the Hydro lake level web site
http://www.hydro.com.au/home/Tourism+an ... Levels.htm gave the level as 1.49m from full but I don't know how accurate it is.
Coronation was the only peak we 'missed', the strong wind and driving rain suggested we leave it for another time.
There was a well burnt out valley between the Citadel camp and Remote Peak which made it a clear, though charcoal smearing, side trip.
I've heard of others catching the boat part of the way, and near Terminal Peak and walking northish seemed the preferred option.
While I enjoyed the area a lot, I still prefer the Arthurs.