I came back form holiday to find a Netgear GS108 switch with all it leds flashing and it passing no data. This is exactly the same symptoms as this post. My fix did not involve the use of a soldering iron as detailed in the post, I just swapped the PSU and it started working fine. I have seen this before, the PSU shows it’s age before the device itself. Good job I have a big box of misc PSU from devices down the years
Update 22 July 2010: I spoke too soon, came in today to the same problem. Time to swap the capacitors