PoR :P
Yes, the early game is really luck based, even with the water trick. That's because you lack options. The first 6 chapters are really hard, and L+ still has some huge difficulty chapters, like chapter 12,18,19,20, and those after 20 except for 22. And they all have one thing in common, too many enemies, too little time (no Endgame, nosferatu can't solo L+, you don't even get the first one till chapter 10, and your ass gets handed to you by the high enemy density).
But other than that, the mode does something that I feel a lot of hard modes can't accomplish. It makes every new run, no matter how similar to the previous one you made, different. It's a factor of the RNG sure, because the skills are distributed randomly, but how you take down that different team is what matters.
If the early game was designed better (say, only one skill till chapter 5?), I would like the mode better.