Stripped off the old hub connectors and found a good amount of white powder crammed in amongst the plug and cables. Cut back the wire, fitted new plugs, and put a dollop of grease on the end to hopefully keep future gunge out.
Unfortunately, this doesn't seem to have had any effect on the light. Definitely power coming out of the cable*, but the Luxos is showing no signs of using it. I'm going to see if it kicks into life on the way in to work tomorrow, but it's looking rather like a dead light...
*a bear of more brains would have tested power output before faffing around with the hub connectors. And indeed I attempted to do this. But instead measured across the two cables leading to the rear light... Which, oddly enough, don't transmit any power when the front wheel is spun. Doh!