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I've seen this too, actually - both on my shuttle and a friend's one. The switch is working fine, it's just the PSU seems to have a crisis - just when you think it's toast, it comes on and works fine as if nothing was up.

Have you had any more experiences with this? The computer in question has been doing this ever since I posted this thread. For a while, the amount of time it took to power on had shortened, but then it went up to about 10-15 minutes, and tonight it doesn't look like it wants to power on at all

Has anyone heard about something like this, or have a fix?