What sort of cooler is on the CPU?
I only ask as I get this occasionaly with the Ultra-120 I've got. It's in a tower and so is 'hanging' out from the board, now sometimes (usually if the PC has been switched off for a while and has cooled down), on boot it won't POST, (diag LED on board stays at - - ).
First few times it happened I was checking RAM etc , reseating with no joy, then eventually after being on for a while it would POST on reset.
I've narrowed it down and I think the heatsink is pulling/flexing the board/socket etc slightly, but it's so marginal that when it's warmed up it's usually OK for days on end (PC is hardly ever off, and when I'm not actively using it it's running Seti@Home).
Now I just need to apply the lightest touch to the top of the heatsink to get it to POST, then once up and running it's fine.
Might be something to check if it's not posting at all, maybe remove and redo the CPU and cooler..