Any luck with this? I have encountered the same problem on a board that used to work fine - I powered off the machine and moved to the testing area (where it was built a few months ago) and when I tried to power on yesterday, the fans spinned once and stopped and repeats.
I checked everything and they all work fine on other machines - this machine is different in that it has a different case and power supply and the CPU is an I5. I have about 5 or 6 PC's with the same board running an I3 and nothing like that ever happened with those. I reseated all components (including CPU) and it did work once, the HDD and DVD-ROM were not connected. So I powered off to connect them - and no luck since.
I have the same issue with an i3-540. I have never gotten the MB to start up. It spins the fans once then stops. After 10 seconds it does it again. No beeps and no help in the entire Intel manual for this board. I too have reseated the CPU three times and tried 1, 2, and 3 1066 mhz ram sticks in many different positions.
My only guesses right now are:
1) grounded contact on the bottom of the board
2) incompatible RAM
3) bad MB
I would love to hear more suggestions