This part had some very, very colorful language coming from my innocent (heheh) little mouth.
You have to climb up the ladder, go across the tightropes. From there you'll bump into a sword with the end of the tightrope curled around it.
From there, I did a double-jump up, pushed forward, and at the same time held onto the L-trigger to float. It was annoying as hell, but i finally reached the other platform and could unstick the gears.
A verrrry annoying part, though.
Just ignore that and pretend you have something better to do.