When you say "hooked up correctly" do you just mean the 3 pwr connections to the pwr supp and the ATX connector to the board? With the M4, there are 2 things in addition that I can think of that you may need to look at. You need a jumper wire (2 wires together) from the board to your MOBO Pwr pins so the "Power On" and "Power Off" pulse makes it to the board (the pulse is not from the 3 power connections or through the ATX connector). Also, the dip switch settings (although you mentioned that you tried p0 and p1 so I assume you have already checked that).
I don't remember if my M4 came with the jumper cable or not but I know that if it did, I replaced it with a long one.
(On an associated side note, you may already know this but if not, to operate in the ignition mode the ignition wire has to be hot the whole time, once it's disconnected the M4 sends the "Power Off" pulse through the 2-wire jumper to the MOBO's Power Pins in the front panel header)
Hope that helps (and made sense for that matter).