As to 3M's Bondo Glazing and Spot Putty --
I have used it with no problems, albeit only over the relatively short period of three seasons. Though called "putty," the stuff has a consistency just a little thicker than heavy cream. It's usually available in 3 or 4 ounce tubes for about $4 -- but auto supply places often have a 16 ounce tube for about $8.
When I got my 1931 OT 50 pounder in early 2009, the paint needed some work:
I did some minimal sanding by hand, filled many cracks and scrapes with the spot putty, did a bit more minimal sanding, and painted (with water-based paint porch and deck paint):
and decorated with paints left over from one of my daughter's high school art projects:
Last winter, after two seasons of use, but wanting to experiment with a slightly different triangle design, and having got my hands on a cheap random orbit sander, I decided to repaint. I sanded a lot more thoroughly than before the first repaint:
spot primed with spot putty, where canvas was exposed because the filler had fallen away, over exposed filler, and over old paint, and then repainted (with the same water-based paint):
The spot putty is easy to apply, dries very rapidly, and is easily sanded. During three seasons of use, some small bits of paint chipped away, always because the original underlying paint/filler came loose. The Bondo spot putty has held tight.
Because I expect to be recanvassing in the next couple of years, I have always treated painting this canoe as an ongoing experiment, and have not tried for anything other than a functional finish (while fooling around with a bit of decoration). But I have learned a few things -- for example, that semi-gloss light-colored paint gets dirty to easily from crud in the water, although it can be cleaned without too much work. I have learned that it is very easy to touch up when slightly scratched or dinged. I have learned that it is just about impossible to sand old crackled paint smooth.
My experience with the Bondo spot putty has been good -- unless I were to hear from others who have had negative experience, I would not hesitate to use it again, even on a paint job that I would expect to be long term.