Jtupper is right about the sampling and math sometimes being the explanation, but the lack of a plateau in V02 and the actual decrease in VO2 prior to exhaustion are both fairly common events in exercise testing. Some labs use moving averages or other smoothing techniques to minimize these measurment problems and still see a fall in VO2 is some subjects just as you described.
In especially fit runners, the blood will typically desaturate just prior to fatigue, sometimes 10% or more and VO2 uptake will often fall. Various theories have been offered for this phenomenon, but my personal belief is that additional uptake so near exhaustion is not necessarily helpful, and that the human body has evolved to maximize fatigue resistance first and foremost and minimize stress, balancing oxygen dependent and oxygen independent energy supply as needed against the peripheral fatigue and other costs to the system. That is-- oxygen delivery/ uptake is not the top priority in severe exercise. This is more in line w/ Noakes' idea of important muscle and central factors in exercise, the sytem driving the VO2 uptake more than the uptake driving the system.
Another point to consider here I can best explain w/ an anology. If you were to say decide to pack your car up for a trip to the montains, a long hike or a run, you might bring those things out you wish to take on your excursion. As the trunk reaches capacity, however, it might actually work better to bring out fewer items and allow yourself instead some chance to rearrange and pack more efficiently/precisely. You dont want to damage the trunk, nor the items you wish to take. At the end of your efforts,there might be less items getting into the trunk than you mightve hoped for but the end result is that youve done just about as good a job of packing up for your trip as you possibly could, balancing *all* considerations.
Speedster, if you want to read more about challenges to the oxygen centered model of endurance exercise, read Noakes' stuff from about 1992 on. If you want to read about oxygen desaturation, Dempsey is very good.