Fixed. 
 
I thought it was "rated" at 550W 25°C, meaning 450W "real world" power. Dunno, JG would know for sure.
Not that it was running higher than room temperature, but at a LAN party I once load tested three PSUs.
The back story is that a case/PSU was donated to the event as a prize. The PSU was basically a Deer or Powmax or whatever (really short, red label without brand, "450W," rear grill stamped out of casing, came with $30 case). I was with BFG at the time and got permission from the director of marketing to donate a GS450 as a replacement for that crappy PSU, and got permission and OJT from JG on using one of BFG's Sun Moon load testers. Got the thing programmed for 350W total (the continuous rating for the GS450).
At the LAN, hooked up the GS450 and it ran just fine. Hooked up the mystery "450W" PSU at 275W (75W was on the 6-pin PCIe which it didn't have) and after merely a couple minutes it failed. Sadly no big flash/noise/smoke. Voltages just went haywire before it quietly gave up the magic smoke(less). Someone had an HP rig there with some 300W Bestec or something, and he wanted me to test it. Also worked just fine (at 275W). Then, hooked the GS450 back up and just let it run during the LAN. Awarded it to the winner of the (now PSU-less) case at the end of the event.