Thanks guys for all your help. Sorry it took so long to get back, but work has been murder. In any case, I resolved my issue. I still do not understand how, but this is what I did:
1) I took your advice and checked all the cable plugs,
2) The ASUS mobo instructions state that you should connect the 24 pin power connector (to the right of the CPU socket) and connect both the 8-pin and 4-pin power connectors (to the left of the CPU socket). Well, while testing I connected the 24-pin power connector and the 4-pin power connector only, leaving the 8-pin power connector unhooked and the MOBO worked perfectly (or maybe it was the 24-pin + the 4 pin? I don't recall exactly, but one of the two).
3) The MOBO is now working and performing as advertised. Amazing, I love it.
Thanks for all your help.