You might want to try the other suggestions before you do this and back-up any important data.
Check the ACPI (APIC) mode is in operation in "
Control Panel>System Properties>Hardware>Device Manager>System Devices", one of the first entries should read "
ACPI Fixed Button Feature".
If it's not there ...the BIOS has an option to enable\disable APIC mode, I can't remember where exactly but I think it is in the Advanced section. This is sometimes the key to shutdown issues, set it to the opposite of where it's at already. I've read that this needs to be set before the installation of XP, so if you get no joy, you may need to re-install XP!
You should also double-check the switch wiring to the Mobo isn't ass about face (power = reset and vice-versa) ...because we're all capable of making the simplest mistakes.
The last thing I can think of would be a BIOS Update! The Original BIOS' were a little buggy, Not sure if you've tried that or not but, make sure you download the correct one for your revision of board (rev. marking is between PCI slots 2 & 3, next to Asus branding).
Let us know how you get on.