These were my tests today:
1) Checked for bent pin - not that I noticed
2) Removed H50, wiped the paste clean and put in stock cooler, tried booting from case
3) Put in a mobo speaker, it is making a faint sound during the brief period but I am pretty sure it is not a beep, I have heard POST beep earlier.
4) Put some indicator LEDs in front header they seem fine for the brief time this thing is on
5) Tried taking off the battery for 30 mins and clearing the CMOS
6) Took the mobo out of case, put it on the cardboard mobo box (in which it shipped) and connected only two connectors 24 pin and 8 pin, processor with stock fan, 1 stick of RAM in white slot nearest to the processor, GFX card and two power supply connector to the graphics card. Removed all fan, SATA, USB connections.
7) Bought a PSU tester, plugged in 24 pin and 8 pin supplies. The voltages are within range but slightly lower than the exact middle value. (I can post those value tomorrow)
After all of these it still has the same problem. At this point, only three things can happen - dud mobo, dud processor, inadequate PSU. I am giving benefit of doubt to the processor and planning to exchange the mobo and RMA the 550 W for something like 650W.
Do you think that i a good idea?
One other point is that the NB/SB voltage LEDs never light up during the process nor does CPU voltage LED. Does it indicate something?