I can only wholeheartedly agree with all the posters saying that the main thermostat does appear to fail slowly over time. My Eddy is 10 years old and is showing all the symptoms described above. When I first bought the car it was ok but after a while I noticed the temp dropping on cruising on motorways, coasting downhill and in cold weather never getting above an indicated 85 unless I was in traffic.
The gauge doesn't appear to be that accurate either as the real water temperature appears to be +- 10 degrees or so as
@Dan_FR quoted. The hidden Aircon control (option 19.2) I think shows a more accurate temperature from the cylinder block and I have seen it as low as 65. The fans do kick in correctly once the temperature does get above 89-90 degrees and never gets hotter.
I do think there also maybe a minor adjustment in fuelling as the temperature is never ideally at 90 ish but that's only wishful thinking about my petrol consumption not being more than about 30mpg which is normal for an un-tuned Eddy
I just hate it not being at 90 all the time.
All in all its booked in to be changed along with the the ubiquitous noisy cam chain and tired tensioner.