I've just had the crap scared out of me. Axle stand failed and dropped the car while I was under it - fortunately I was on the other side and that sides stand held OK. The trolley jack also caught it as I left that under the lift point with the load off it - the car probably fell three inches at most.
The pin holding the pillar at the correct height had sheared through. On pulling out the other stand and looking there was a worn area with cracking showing on the load point there. Placing this unborken pin over the vice jaws and tapping with a 20oz hammer resulted in a crack beginning to propogate through the pin. Pin appears to be made of a forged or rolled steel, it doesn't look cast and seems of good quality.
If you've got old axle stands please check the pins for wear or fatigue. These were at least 10 year old stands and of good quality but it would seem the pins don't last forever.