I found it quite interesting about the Canal Restoration. I know it's not exactly Cardiff, but yes will certainly assist with bringing tourism to the greater Cardiff region.

Here is a document about the proposed Cwmbran basin that is planned:
http://www.torfaen.gov.uk/en/Related-Documents/Forward-Planning/LDP-Hearing-Sessions/ED14-Canalside-Masterplan-March-2013.pdf

Looks like Torfaen council are taking it quite seriously putting out to tender a study of the best way to go forward (Which should be awarded at the end of this month):
http://www.sell2wales.gov.uk/search/show/search_view.aspx?ID=JUN037187

I am more interested about how the canal will be reopened to boats where the roads have been built on top, but I guess that is straight forward engineering solutions, as opposed to the mine field of red tape involved with buying and selling land and property.

IIRC parts of the plan do involve a new route for the canal. I think I'm right in saying that the original route of the canal into Newport docks has been built over but that a new link to the river Usk is planned using existing natural waterways.

I think that is a later phase of the plan than the section currently out to tender - but it's all good stuff!