I'm running the H55M-USB3 board with an i5 and a 550w PSU, and getting the same problem.
I KNOW it's not that the PSU doesn't have enough oomph, unless it is faulty, because it still won't work with just the mobo and the CPU/heatsink in, which should be much less than 550w. All 5 Phase LEDs light up as well, just to let you know.
So, what's my problem?