Bad Corsair CMPSU-550VX power supply?

Cut and pasted from something I wrote a while back:

Try to verify (well as you can) that the PSU works. If you have a multimeter, you can do a rough checkout of a PSU using the "paper clip trick". You plug the bare PSU into the wall. Insert a paper clip into the green wire pin and one of the black wire pins beside it. That's how the case power switch works. It applies a ground to the green wire. Turn on the PSU and the fan should spin up.

If it doesn't, the PSU is dead. If you have a multimeter, you can check all the outputs. Yellow wires should be 12 volts, red 5 volts, orange 3.3 volts, blue wire -12 volts, purple wire is the 5 volt standby. The gray wire is really important. It sends a control signal called something like "PowerOK" from the PSU to the motherboard. It should go from 0 volts to about 5 volts within a half second of pressing the case power switch. If you do not have this signal, your computer will not boot. The tolerances should be +/- 5%. If not, the PSU is bad.

Just to followup. I received the MB, and the Corsair was in fact bad. Would not boot MB for more than 1 second. Swap in of different PSU worked, so problem was isolated to new PSU.