the led should show the status of the VSB+5v, it's the 5 volt standby voltage. ATX motherboards don't actually turn off, hence the voltage it uses to turn itself on and to keep memory stuff alive during standby.. if it's staying off i'd try measuring the vsb line with a voltmeter at the connector to see what it is. should be a purple wire. if it's low, you may still have a bad cap someplace on the vsb line (check the caps around the memory and the pci slots. if it's dead, make sure it's actually outputting. they only output a small number of amps (sometimes under 1) and are easily overloaded. (unplug the power and the motherboard header and let the supply settle. then power up the supply and measure the vsb (should be 5v) if so, while still measuring, plug it in and see if it dips (around 2 volts) then shuts off. if so, you might have a bad power mosfet or another shorted cap someplace.