I dont quite understand then why my system is failing with a burning smell coming from the psu and the power connectors are getting really hot.
Have you checked that connectors aren't loose? Nothing else heating up in component whose power connector is heating up?
Extra resistance of loose connector creates heat and especially "slow short" in some component could heat connector lot because of full output of 12V being available.
Half year ago one user in Finnish PC forum had wondered why PC had shutted down during night and didn't start anymore at morning.
After looking inside he found that there was darkened spot on motherboard and CPU's ATX12V connector had partially melted.
Motherboard turned to be dead, possibly short in CPU's power circuitry had drawn full 12V output through that connector before PSU noticed that it wasn't just component asking for some power.
(Seasonic made Antec PSU was OK except for partially melted connector)
the last time I did maths at school, 4x18 = 72, or am I missing something here ?
Your math is correct.
What is wrong is all fraudulent advertising BS about multiple rails.
There aren't such thing as separate 12V rails (except two badly configured ones in Enermax Galaxys) and they're just artificial current limiters dividing one 12V output to multiple to current limited wire groups, just like circuit breakers/fuses do in houses.
And that's because some people hit their heads together and decided that you can't be allowed to have more than 20A/240VA available from single cable/connector because of some safety requirements of user installable equipment or something like that.
So instead of telling the truth about artificial current limitations BS departments deviced these fraudulent "multiple rails", which can be also used to direct attention away from weak output of old design junks and other mediocre units because most people don't have enough brain power to look for actually meaningful figures.
Intel was one of the originators of this limit but they have quietly droppped it off from their PSU design guide/specifications years ago and device which exceeds that limit is simply classified as Level 6 device by UL (Underwriters Laboratories) and because of problem caused by these "multiple rails" Seasonic has been doing such PSUs for years despite what sticker says.
And all Seasonic made PSUs with LEVEL 6 marking which have been tested for this limitation have shown that they don't have that artificial limitation.
(their newest M12Ds probably has 12V divided to two high limits like sticker says because short circuit protection being triggered in short situation would start to require perfect short when allowed current rises to full capacity of 12V)
I think it's 225w for the 280 (and 285w for the 295 when it's available!) Need a separate PSU just for the gfx card soon.
~180W and about 160W/~13A of that through external power connectors so shouldn't trigger current limiter unless something else is conencted to same wire group.
http://www.xbitlabs.com/misc/picture/?src=/images/video/zotac-gfgtx280amp/zotac_power_full.png&1=1
GTX295 will be SLI of two cards so no wonder if it draws more.