It powered on, but no picture.

Edit: I did hear the start-up bong.
I had the same issue on a G4 MDD with an ATX power supply swap (I could repair the failing original Samsung PSU in the mean-time and all works properly again, but still like to get to the root of this ATX issue).
With ATX PSU, the machine powered on with the startup chime, but no video on the ATI Radeon 9000 Pro card (connected via DVI to VGA converter to an LCD) and also no further activity from the hard disc (after spin-up).
Voltages measured as they should be. Using a second ATI Radon 9000 Pro not even created the startup chime (both GPUs work properly with an original PSU)
However, with the ATX PSU and using an ATI Rage 128 Pro from a 400 MHz G4, it started with bootup chime, video went on and the hard disc booted properly.
Atm my hunch is, that contrary to what is stated often, (some?) Apple ATI Radon 9000 Pro cards might need the 25V line to initialise properly (and with that continue the boot process)