Darren - thanks for your advice, you saved us a bunch of cash. Our 12 year old Fisher and Paykel 703 conked out today with basically the same problem. Pulled off the control panel, removed the board, popped out the switch as described, blew out the crud, reassemble, and hey presto it works a treat.
You were hinting above that you didn't know if your pump was shot or not, before you figured out what it was. I found these handy instructions for putting the machine in to diagnostic mode, to check the pump and the cold or hot water inlets: http://www.applianceguru.com/view_topic.php?id=953&forum_id=2&jump_to=88357:
Cheers & thanks :)
Kris, February 2008