It looks to me like you have it hooked up correctly. I suggest contacting the manufacturer. (That looks like a MoCoSo system. Chris from MoCoSo stands behind his products, and will help you out.)
Of course, if you're handy with a voltmeter, you could take the cover off the computer, and check the output of the M2-ATX. Make sure you're getting proper voltages on the 12V, 5V, and 3.3V lines. Also make sure the M2-ATX is pulsing the power switch to the motherboard when you apply power.
Actually I just noticed there's a red LED on the back of the case. Is that wired directly to the M2-ATX? If so, then that should be coming on, unless you have a bad M2-ATX, or the wiring between the back panel and the M2-ATX is bad (in particular, the 6-pin connector might not be making good contact).
Oh, all of this is assuming you've verified that your RS power supply is good. You have, right?
-- Kevin