Well I finally got round to looking at these 942.711 modules properly and it seems there are details in their design that makes it quite likely for the Chrono select to fail in what are now older watches. I thought I'd share my findings with the DWF Hive-Mind.....
The two modules that I had with this fault were both clean to look at from the front and back - no corroded tracks and no battery-juicing evidence. Thats not to say that they hadn't been left with old batteries in them at some stage - but if they had it hadn't been bad enough to take the plating off the battery contacts. Anyway, I think thats academic as the fault perhaps develops whilst the watch has energised batteries..... Or perhaps worst case - energised backlight battery and flat watch battery.....
Popping the mirror assembly off the front of both of these PCBs revealed immaculate wirebonds and tracks - all except for (in both cases) the Chrono select track which on one looked very slightly tarnished and on the other looked almost black. On the better of the two the wirebond to track junction was a little bit 'furry'. On the worse of the two the entire Chrono select wirebond had been consumed into a hairy white monster.
The Chrono select line is shared with the BulbV- line. The rest of the watch (well most of it) sits not more than 1.5V above the case voltage and this Chrono select line sits not more than 1.5V below the case voltage - it is the most negative node in the module. The chip cover/mirror holder is not sealed at all - there are loads of open vias running under. Also, there is no solder resist on the chip-side tracks
If one was to take a stab in the dark at the wirebond material being an aluminium alloy (visibly white metal -> white metal salt) then it might happily react over time with relatively low levels of airborne electrolyte vapour. Selectively driven by the low static voltage on this node when the circuit is energised and in preference to other parts of this node due to the more negative (galvanic) electropotential of the wirebond material.
Nurse says its time for my medicine