How fast does it cycle? If it isn't near immediately, then it can be the motherboard unable to POST. A lot of boards will try over and over again.
BTW to jump the PSU with a paperclip, just connect the green wire to any of the black wires on the 20/24-pin ATX motherboard connector. This will usually get the PSU fan to spin up, with the following caveats:
1) Some PSUs don't spin up the fan until it heats up or until it loads up.
2) Some PSUs don't turn on if there is no load.
3) Even if the PSU "turns on" by spinning up the fan, it doesn't mean the PSU is fully functional.
No, if done correctly it's not a worthless test.Seems like a worthless test then, doesn't it
OP, best bet is to find another known good component, either that PSU on another mobo or another PSU on that mobo. That way you can isolate the faulty component.
that just to show if the power supply will turn on or not...

 
				
		