Good reply from Steve, I haven't got a lot to add other than that all my dynamo failures have been related to the connectors - when I say all, that's just three in thirty years! Are you using the spade version of the light, or the more recent jack plug connector? I've had the spade type fail when the cable has broken off the spade, probably fatigue, but might be worth removing the heat shrink to have a proper look. I've also had the female part of the jack plug fail, no reason I can see, just stopped working, rather annoying as there's no repair, wipes out any advantage it has.
I've never had an issue with my Edelux lights, but know someone who had a problem with the switch, though it might have been that they couldn't turn it off - it needed the black ring/switch replacing, though they discovered this by testing it with a magnet.