When that happened to us, it turned out the cable to the post had been damaged by rusting around the hole in the post where the cable enters the post underground. They had to remove the post, place some cushioning around that opening, and reset the post. Fortunately, there was enough extra cable from the breaker box to the conduit that they didn't have to re-wire the post.
The suggestion is to test for power to the post at the photocell. As you said, when the photocell fails, it leaves the light on all the time.
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"the difference between genius and stupidity is that genius has its limits."
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