Just wanted to reply in case anyone is searching for this answer....
I have an Asus p5s-vm Rev 1.01. In order to get it to boot and power on at all, it needed a fresh cmos battery AND some type of disk hooked to primary IDE (along with a floppy drive).
Once i did that, I was able to flash it with the bios on the Asus web page (which was the p5-99vm bios, ver 1006). The board now boots and posts as such and has no other problems.
It's not a "crap" board. It's not a P2B, but the caps are all good and otherwise has the quality that all Asus boards from that time frame have (which is to say, very good).
This is not the first Asus board i've run across that's needed a good cmos battery and/or something hooked to primary ide in order to show some life when powering on.