<< This is a horrible power supply. >>
It works great for me. Seems to be built like a tank, it's quiet, works fine with my fully loaded 1.4 GHz tbird setup. EVERY review of this power supply is a rave about how good it is. I've seen no hint of a problem with mine and every post I've seen (maybe 3 posts) that says it sucks has no back up for their statement - no measurements, no nothing. Just like Kurupshin. With all those parts he has and who knows what kind of care in their handling it's not likely the power supply is his problem, unless it's defective - and even Rolls Royce occasionally has a defect.
As far as how 431W is determined, power in an AC circuit is not as simple as P=I*E. PIE only works for very simple DC cicuits. With AC, PIE only gives you a VA rating, like UPS's use. For AC power, the reactance of the load (resistance + capacitance + inductance, including their phase angles) can play a huge role in the power delivered.