I've had a couple of cases where the Idiot Lights on the testers tell me that the PS is Good but it's not producing enough current to start the system running. For some strange reason this has always only happened with Antec PS's but as a result I always just grab a [b]Known Good[/b] Power Supply and plug it onto the M'Board and hit the On Button to see what happens.
Generally the unit will spring to life and then you can plug in the extra things like the some little unimportant bits like HDD's. :D
I don't even unscrew the old PS just sit one on top or some place handy and test the M'Board, CPU and so on before doing any thing else. It's fast and cheap and saves so much time messing around that I can not afford not to test this way.
Col