Yes the 12v rails do supply 18A, when comparing the 6pin pci-e connector for the 5770 to the twim molex 5pin, the 5770 has 3 yellow in a row/ 3 black in a row-retaining clip side. The 5 pin only 2 yellow to the out side pins in a row middle pin blank / 2 black to the out side pins-retaining clip side, cant realy make out where the red/brown? is going, but by the 1st picture of it looks like its going between the black? .
So quite possibly not feeding power to the card correctly and overloading the two yellow pins on the twim molex 5pin pci-e connector hence burning smell? and overloading the psu.
But the way two look at it why have given you 2 6 pin pci-e connectors for a reason, to supply the GFX CARD with the right power when needed. Plus why do they tell you the top 5 connectors are for only sata/ ata drives only they must have agood reason.
So quite possibly not feeding power to the card correctly and overloading the two yellow pins on the twim molex 5pin pci-e connector hence burning smell? and overloading the psu.
But the way two look at it why have given you 2 6 pin pci-e connectors for a reason, to supply the GFX CARD with the right power when needed. Plus why do they tell you the top 5 connectors are for only sata/ ata drives only they must have agood reason.

(You had better drop ATi an email and let them know this!)