I've worked on two of these supplies. One I never got to work correctly, but the other one I eventually did. On the one that I did fix, there was leaking electrolyte all over and I pulled and replaced 29 caps. Out of the 29 I pulled, 20 were leaking and about six had pretty severe bulging along the bottom seal. But, as the previous poster also experienced, none of the caps tested bad! After I installed everything, I could only get about 4.2V on the 5V rail - the other voltages seemed mostly OK. So I started turning all the various adjustment pots in desperation, including the ones that set the switching frequency and the reference voltage used for the over-voltage protection circuitry (the small auxiliary board that sticks up perpendicular). Still no joy. I finally removed the optocoupler to break the switcher's feedback loop and there was absolutely no effect. So there wasn't any regulation going back to the switching transistor - it was running open loop and something was dragging the 5V line down on the secondary side. There is an SCR(?) in the protection circuitry and I clipped two of the three leads. The thing sprang to life and my 5V was where it was supposed to be. In retrospect, while I was chiseling off the epoxy for the -12V pot while I first tried to adjust things, I destroyed the pot. This gave me an overvoltage which gets or-ed with all the other voltages in the protection circuitry and managed to drag the 5V line down. Once I had the protection circuitry disabled, I fixed the pot, adjusted it to -12V and then put the protection circuitry back. Everything works fine (and has for a few months). In other words, it seems that you can get this supply horribly misadjusted so that the protection circuitry kicks in and prevents you from correcting the problem. Seems kind of counter-intuitive, since one would think you could simply readjust it back to working. But it had me fooled for a while!