Ah, yes, Cancelgar! Seen many a wide-eyed Netjets pilot dismount here. It's also funny how the general public believes that so many flights miss/get cancelled because the Wx here is sooo much worse than elsewhere!
The GPS was an improvement as it lowered the mins a further 500'+-, but these past two winters in particular have been terrible. Local knowledge goes a LOOONG way to getting in. As has been stated by Raydar, the contact is a great option, provided you've got the local knowledge. One point, though, you don't have to cancel IFR with a contact approach, but it's in your best interests to make sure you've got the Wx at destination before dropping through some 'sucker' hole over the lake.
Personally, I always wondered why they didn't bring the approach in from the south, to the Champion beacon for the missed, to climb outbound up the lake tracking from the brilliant beacon. The terrain is much lower to the south, and the missed would be much more straightforward. Hard to say without actually applying the profile to it, but instinctively it LOOKS like one would be able to get a bit lower.
There is the potential for WAAS to make a HUGE difference at our airport here, but the reality is that you're going to see it implemented in Saskatoon, or some similar, featureless terrain to prove itself before we ever get access to the technology out here where it will really make a difference.