I have had one of my three wl700gE's die recently and it had not lights in - occasionally the ready or hdd light would have a faint flicker as it was cycling through the start up routine.
Power supply was good however taking the hdd out allowed it to boot up.
Tried another wl700gE hdd and the same problem.
I was able to start it up by giving the hdd power from a running computer with the IDE connected to the faulty wl700ge and it booted up without a problem.
So the issue is the power to the hdd - so there is an issue between the power supply and the hdd power connectors on the motherboard and power cable was ok.
I have changes the 2 capacitors near the hdd power plug on the motherboard without any change.
Looks like I have now lost my spare wl700gE.