The efficiency rating means nothing. Look at the 12v rails. They are only 16 and 18 amps respectively and that is at MAX load. The psu is also rated at 25 degrees celsius as well, meaning it's rating of 550watts is not accurate. I think it might me too weak of a psu.
edit: I do see what you are trying to run it with and it's not too intensive, so it should work you're right. But if you throw an E6600 and an 8800gts in there, you are asking for more issues that could be psu-related.
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