They do fail. Mine was leaking a little bit of oil through the switch.
Hints if you have to replace it:
You don't have to drain the oil, although some oil will drip out.
I found it very hard to properly (securely) re-attach the connector because it's so difficult to access in that recess; angled long-nose pliers were helpful.
Buy the Triumph part and use the sealing washer included with it; apparently the thickness of the washer is important.
2005 Bonneville Blue 790cc, AI removed, Staintunes RC, no snorkel, inlet enlarged, 118/40/NBZT "Thruxton" needles/1 shim/3 turns, Ikon 7610s, Ricor Intiminators, Dunlop GT501s, D9 gauge panel, tachometer.
Last edited by Baltobonneville; 11-19-2012 at 10:57 AM.