MOG has offered a suggestion on the termination knot/spliced friction cord issue. It appears there is some debate about this subject going on ArbTalk. One solution being offered is the insertion of a ring into the friction hitch as shown in the pictures below.
The main argument presented by climbers for the use of a termination knot (as opposed to a splice) appears to be cost. However, the cost of the ring is probably about about the same as a splice - for my money I'd go with the splice, thanks!
"put one of those rings through ur hitch cord, and tie ur hitch as normal. so the ring is still right next to ur hitch climber, thus stopping ur hitch getting trapped underneath the fishermen. lots easier in a pic tho! will show u next time i am round."