Did you update the bios on your new board? I'm not real familiar with Asus mobo's but I have yet to find an MSI or DFI that dosen't need a bios flash when I set them up.
Barring that, how old is that PS? Is it a generic one that came with the case or what? Older power supplies can be a pain when used to power newer boards. Most of the newer boards require a very tightly controlled power supply, and will operate erraticlly if at all when hooked up to one of those generic PS's.
Anyway, hope it works out for you.
I\'m already visualizing the duct tape over your mouth...