You might well be right sjb......
....the opinion of most mathematicians and scientists today is that the man and the weight will always remain opposite each other. So, as the man climbs the rope, so the weight rises. (when I say "most", that seems to be the conclusion in quite a few Googled links !!!!)
Lewis Carroll, he of Alice in Wonderland fame, suggested that the weight neither rises nor falls. But it isn't entirely clear whether he meant in relation to the man (as above), or in relation to the surroundings !