It sounds to me like the occasional clacking noise heard when bearings beginning to fail, or a loose chain for instance. That sort of muffled, solid, metal, clacking sound of excess freeplay allowing unwanted collision. It seems to coincide with engine decceleration, just before it maintains steady idle.
Considering the recent cambelt & waterpump replacement (appx 1000 miles ago) could it be something in this area? It does seem to eminate from behind the front wheel. Maybe I should have bought new tensioners at the same time? In retrospect, I should have had the auxillary belt changed too.
Also, as I shut off the engine, there's sometimes a single "clack", as it all comes to a sudden rest. It actually sound like something snapping but I'm not too worried