The coasting noise comes from the pawls inside the freehub. The freehub is the replacable part of the hub that the cassette attaches to. The freehub can theoretically be disassembled and overhauled (50 bearings inside and maybe 4 pawls) but Shimano quit selling the disassembly tool and now recommends that freehubs simply be replace when worn out (~$50 for the Ultegra version, I believe). The freehub can be soaked in solvent and then relubed with oil (see http://www.parktool.com/repair/readhowto.asp?id=45) if it is sticky. That might be worth a try in this case. The excess noise might indicate lack of lubrication inside. If you spin the rear wheel without touching the pedals, do the cranks spin? That would indicate a sticky freehub. Does the bike ever seem to freewheel forward, ie. the pedals turning don't move the bike immediately? That would indicate failing pawls.
I've never run into this specifically, so can't say why a freehub would suddenly sound louder. Worst case would be a broken pawl that's chewing up the inside of the freehub. If the freehub fails, it would either freewheel both forward and back so it's constantly coasting, or it would seize so the bike becomes a fixie. If it sounds pretty much like your Campy freehub when coasting, it may be fine with some fresh lube.



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