I am having exactly the same issue. The computer was working fine until two days ago. The green light of the mother board is there but when I press the "ON" button nothing happens, the fans dont spin, the computer makes no noise. Its just dead. Ive disconnected everything, recconected everything and nothing. I have come to the conclusion that it could be 3 things:
1-Its a motherboard issue(but could it be when the green light is there ?)
2-Its a power supply issue (but I have the same question you had, if it is indeed a powersupply issue, can it still give enough energy that the green light in the mother board, works ?
3-Its the contact directly connected to the "ON" button. maybe when Im pressing the on button it is not touching the contact enough to send electricity (or something like this)
I hope someone would be able to give us more advice to us in with this problem.
My case is an antec, 450 v, one of the most recent models, cant remember the name right now, but it is a small one, not the big serices. Procesr I have a dual core 3200+ 64 (athlon), I have two gigs of ram (corsair), and a asus 7900 gt sli.