Make sure to blow out your check valves really well with compressed air. After spraying mine with carb cleaner they were sticky after I reassembled and waited a day. I couldn't blow through the input valve with my mouth anymore. I ran a couple small tanks of compressed air through it at 43 psi (like the FSM says) and it fixed the problem. I guess there was still some residue or something in there. Not sure if this will actually be a problem on the vehicle, but the FSM says you should be able to blow through the check valves with ~1-2 psi which is about all you can generate with your lungs. I've been running my refurbished one for awhile now with no issues. Just filled up my gas today and I had absolutely no venting.
As for cause of failure, I think the check valves just get dirty and stick. This causes the high pressure. Also, the carbon loses it's ability to release the adsorbed fuel vapor and adsorb more. At that point, it's just venting fuel vapor to the atmosphere instead of storing it in the canister. This causes the bad fuel vapor smell.