Okay, I must have been hallucinating last nite 'cuz I could have sworn your system was a P3 when I was composing my post. Since your post doesn't indicate it was edited (!), I can only apologize for not paying closer attention to your system's components.
Having said that, a 350-watt PSU will still do the job for you and a 300-watter would probably suffice too (as long as you're not running everything at the same time). But, that's a side issue as you want to determine the problem with your current 450-watt PSU.
Based on what you describe in your last post, it sounds like maybe some of the extra heat from the P4 is being drawn into the bottom of the PSU and, in turn, blown out the back. Now, obviously a P4 (particularly a Prescott) is gonna be hotter than any P3, but I wouldn't think that alone would cause an excessive or huge increase in the amount of exit heat from your PSU. And if you had a CPU fan or heatsink problem, you'd be experiencing other problems besides a hot PSU, so I'll assume both of those are working correctly.
I dunno. It's hard to say what the problem is without seeing it. Does your PSU have temperature-sensitive fans? In other words, fans that speed up or slow down depending on the internal temperature of the PSU? I suppose it's possible that the temperature sensing could be malfunctioning and maybe the fans are running at their slowest speed all the time. This is kinda unlikely, but possible. You also wanna be sure your case is well ventilated and that you have more fans blowing air out of the case than just the 2 fans on the PSU. You should have at least one fan exiting hot air out the back or the side of the case, and I've read where a blowhole-type vent on the top of the case helps cool the case better with hot CPUs like the Prescott P4s at high clock speed. You have two hard drives and a 9800 video card too, so those are gonna be generating some heat as well.
It's possible that everything's working fine and this is just the way that particular PSU runs with a P4 system. As long as you can't fry an egg on it or burn your hands, it's probably not gonna pose any significant problem. I'd just go with your instinct on this -- if it bothers you that much, call tech support and/or see if you can exchange it for a new one.
Oh, and PFC stands for power factor correction. Without going into a long technical explanation, it's a good thing and is generally associated with decent efficiency ratings. There's active PFC and passive PFC; active works best. If your PSU has active PFC, odds are its efficiency is within acceptable bounds.
As for the QC labels, sometimes that stuff is more for marketing than anything else. A component can usually pass most of those "tests" as long as it's working and not catching fire. It's better to have them than not have them, but they often don't mean that much.
I'm by no means the world's biggest expert on PSUs. Some of the other guys here at Anandtech.com know far more than I do about them. You might post your question again on Saturday (when the forums get seen more) if you don't get the answer you're looking for right now. Good luck.
