I agree with the others about the recording time - LEL wasn't a problem without resetting, nor were any of the other long rides I did last year. The year before, with earlier software, it wouldn't do a 600km ride without running out of room.
I've not particularly bothered with waterproofing whilst charging, but mine is horizontally mounted (so water would have to splash up to it, not run down it), and I try to avoid having it plugged in during rain if possible. Obviously on Welsh rides it rarely is
My normal charging scheme is to run on batteries during the day, and on the external pack at night (as I also have the backlight on all night).