...One thing to remember is that regulators do not technically supply air, the tank does that and all the regulator does is step it down to ambient pressure. Keeping this in mind, reg failure almost always results in free flow; very rarely does it stop the air flow...
Great points by matt and awap.
When I think about "catastrophic" reg failures, I think about a total and complete loss of airflow, or sudden massive freeflow, or sudden & complete flooding of the second stage.
Serious failures I've heard or read about:
1.) A 2nd stage demand lever falling off during dive (improper assembly at service);
2.) 1st stage filters being total obstructed by rust flakes/crud (
tank service problem, not a reg problem);
3.) 2nd stage adjustment knob "blowing off" when the diver turned it underwater (assembly error by tech at annual service);
4.) Total 2nd stage flood due to improperly assembled diaphragm & purge cover;
5.) Massive freeflow after 1st stage HP seat failure (defective part used during annual service);
6.) Etc., ...
These extreme examples I've heard about were all "annual service-induced" in one way or another (except the one caused by crud from the tank).
As has been previously stated, the problems/failures I've seen with my own regulators and those of divers I've known over the years have all been very "graceful"; either tiny leaks, slight freeflows, and/or gradual degradation of performance. These are the most typical wear & tear induced failures I'm aware of due to a regulator badly needing service.
Best wishes.