flywheel demagnatisation(?) gradual thing or all of a sudden

hmm...bit of a weird one, took the scoot for MOT the other day, passed fine, however went to use it the other day and noticed my lights were dim as hell, pulled the scoot in, checked all the earths, cleaned contacts etc and still the same
now its runs on old school points (ducati 6V DC) and pretty much original in spec and age so could a flywheel sudden loose it magnetic power all of a sudden or is such a thing a gradual process? going to pull the bike in again in a mo to see if I've missed anything else. Oh it starts fine and runs sweet as. Cheers Paul
