das_stig said, "Plugging in a 3-pin fan into a 4 pin pwm socket the fan controller won't work, it will just run at full speed." I'll disagree PARTLY and add another thought.
das_stig is quite correct IF the 4-pin output port only acts as a 4-pin fan supply. However, there are two other possibilities that MIGHT be built into your mobo's chipset and BIOS. SOME BIOS's allow you to specify whether you have plugged in a 3-pin or 4-pin fan on a particular port, and change their control mode appropriately so that it CAN control the speed of the 3-pin fan. There also are some that automate this process by detecting which fan type is connected and making their own change.
However, you have your fan plugged into the PWR_FAN port. The original intent of this port is NOT to power or to control any fan! It has a "normal" 3-pin connector, but its only function originally was to accept a connector from the PSU that passes to the mobo the speed signal generated by the PSU's internal fan. (Some PSU's do not even have such a connector, so you can't use the mobo port for this purpose.) In this way your system can monitor the speed of the PSU fan, but it does NOT control it. Some PSU's have their own internal fan speed control system, but it is not done by the mobo.
Now, many mobo's apparently do have the Ground and +12 VDC supplies on the other two pins of this connector, so that IF you plug in any fan other than the PSU special connection, the fan WILL run. But it can only run at full speed, since there is no control of that voltage - the port was never designed to power and control a fan. For THAT reason, your fan's speed cannot be controlled when it is plugged into this mobo port. I am not surprised to hear that neither your BIOS nor the ASUS utilities allow you any control this way.
By the way, I have never heard of a 4-pin PWR_FAN port. For the original design purpose there is NO need for 4 pins which included the PWM signal, because the port was not designed to control a fan speed. Even if you plug a 4-pin fan into it, that connector from the fan will still fit onto a 3-pin port on the mobo, but it will NOT have any speed control possible - it will run full speed all the time.