Mmmm.. I suppose one might have gotten the wrong pin -- the labeling on the board is really poor on that side. RST is the 7th pin.

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That's a decent sign actually. Might just be a dead regulator, which isn't really a catastrophe here. Those are cheap and not too difficult to replace.

I still haven't figured out how this board should be wired, but they definitely took a few short-cuts. Mine behaves better now with the slider switch in the position furthest from the USB connector. The Arduino reset takes care of things nicely there.