Ah, I'd not appreciated the miniscule values involved. Having built a massive test rig (10 Elektons and a shedload of gigantor solar panels) I can confirm that it is working after all, but only at x50 or faster. In fact, in 32 days I managed to convert 4 full water blocks into 2321 oxygen and 4642 hydrogen. I would have created more oxygen and hydrogen if the Elektrons didn't still consume water at the same rate during night time when there was no electric charge available to power the conversion. It seems you have to run at X50 or faster AND switch the generators off every night when there's no power (or have the solar panels in perpetual sunlight) to get the most from your H2O.