In reply to pasbury:
It's stunning backpacking country! And usually very quiet, esp compared with Bannau Brycheiniog and Eryri. I did a fab 3 dayer from Machynlleth to near Borth with friends a few years ago and top locations on route were Glaslyn on Glyndwr's Way to the north east of Pumlumon, and Llyn Craigypistyll and the track down to the Leri Valley.
Along the tops of course you can drop down to the sources of the Severn and the Wye.
There is parking at Nant y Moch reservoir dam and people stop off there with campers. We did our trip by public transport, but I'd have no concerns about leaving a car there for a couple of days. If concerned, park at Eisteddfa Guirig on the A44 for a fee for parking at the farm.
I haven't camped at the llyn, I've only actually been to that spot once, on a major incident for a bunch of lost and hypothermic students in utterly vile weather! There is a vehicle track to it though it's gated, and the llyn is dammed. We camped in the upper Hengwm valley. And yes, the valley itself is, like most of mid Wales, more than a tad boggy and soggy! But a great area, have fun!