With the mainboard power connector disconnected, two
hard drives, a floppy drive and a CD drive connected
the fan comes on and all voltages look normal.
Under load the +12v reads 11.7v (within specs).
Yep, that's fine.
With the power connector plugged in to the MB I checked the
PS_ON pin. It was 5v, and never changed when the power
button on the front of the machine was pushed. I know this
button works, so for some reason closing the power on switch
does not cause the PSU to receive the power on signal/state.
I'd short the pins the power switch connects to on the motherboard,
just to eliminate the possibility that one of the wires has broken
internally. Not common, but it can happen.
If that produces the same result, looks like the motherboard has passed its useby date.
Check for bad caps on the motherboard. These are usually blue or black
plastic covered post like things that stick up vertically from the motherboard.
The tops should be flat. If any have bulged or have leaked, thats the problem.
I shorted the power-on pins at the PSU>MB connector.
When the PS_ON is shorted to ground the power supply
fans start and I hear something click-on the in the system,
but the moment I remove the short everything stops.
More evidence of a motherboard problem if shorting the pins
the power switch connects to doesnt see the PS_ON# line go low.