I finally got through to O2 level 2 support and spoke to someone that knew what they were talking about. They talked me through how to tweak my ethernet settings on both PC and Mac (principally moving to 100 base TX full-duplex) and now I am getting over 15 Mbps download.
However, I cannot get this to replicate in wireless mode with even just one device connected, with typical download speeds remaining at around 9 Mbps on both PC and Mac. I have tried adjusting router channel settings (I have tried 1,2,6,8, 11 and 13 in manual mode and automatic) and I have tried switching between 802.11 b/g and 802.11 g, but no material impact.
Apparently contention ratio is 121, but this is one area where the O2 advisor seemed to have no idea! Not sure if it is still relevant now though given the boosted ethernet speed.
Any ideas on what to do next?