Check the PS in another computer if you want to be sure, but I can say almost certainly that its not the PS. If it were, you probably wouldn't be getting the power LED on the motherboard.
I had this same problem last christmas.. new motherboard, new CPU, new RAM.. new case. Plugged it all together.. and..........NOTHING. Turns out the CPU wasn't seated correctly and I had too much Arctic Silver on the heatsink. You'd be getting beeps if the RAM wasn't right or a peripheral wasn't seated, so I'm betting on CPU. Check it out in another MB if you have one laying around with the same socket configuration...
As for the fans.. on new motherboards, you actually need a signal from the motherboard to fully spin up the PS, including powering the fans.
Another thing to try.. check the power pins on the motherboard, you might have the power switch hooked up backwards or on the wrong pins.. try jumping across the poles with a screwdriver and you might get it to fire up.
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