I knew a guy on a 42-ft ferro-cement. Did a lot of cruising offshore - had an easy-chair (think Barco-lounger) and a fireplace in the main cabin. Last I saw him he was heading for Mexico.
If the cement was done right, it's an excellent hull. The problem is, if it's not done right, the metal frame inside the cement rusts and the whole thing falls apart. And apparently it's pretty much impossible to tell, even with X-rays. So they're kind of a crap-shoot.
As to the original boat, I kept thinking about the guy that built an airplane in his basement, without thinking about how he was gonna get it out.
druid