Actually, I beg to differ with young master Wowbagger - it can be a big deal if you are going a long way or over tough terrain. I too have had some issues with eating on long rides recently - on a DIY 600 in May, and on the Midland Super Grimpeur a couple of weeks ago.
On both occasions, I was working harder than I'm used to - on the 600 because I rode it faster than I'm used to (sub 19 hour first 400) and on the 300 because it was bastard hilly. When I work harder than I'm used to, my gut shuts down and I no longer feel hungry. Combine that with dehydration and salt loss so that food just goes round and round and round in your mouth when you do try and eat, and it all becomes a big chore.
I never get to the point where I want to gag if I eat, but I can imagine how you can get to that point.
For me - milk is a saviour. I might not be able to eat, but a pint of ice cold milk can really hit the spot. I sometimes crave it as I'm riding, and know the time has come for a Milk 'n Mars Bar stop.
Yoghurt also works, as does soup - though I'm pretty fussy about flavours of soup, so don't use that option often. Chips sometimes work. I was getting toward the shutdown point on the Severn Across 400 this year (again - we were riding faster than I'm used to) but when we stopped at Malmesbury for chips - I wolfed them down and felt much better from then on.
As far as long distance cycling is concerned, eating is one of the hardest things to get right.
Have you been starting your rides already dehydrated perhaps, Dominic? Once behind with the drinking, it's impossible to catch up when riding, and this makes a big difference to appetite. Do you use gels or carb drinks? These can get awfully sickly after a while...
How quickly does this problem manifest itself? Can you do a 50km circuit unaffected?