Hi,
I don't actually have a p4 system yet, about to buy one in the next 2 weeks.
I am probably going to go for the latest enermax 431 FCA, can't seem to get hold of an antec true power in the UK.
I had also read that the 5V on some older enermaxs was not very "stiff".
The 5V will be used on the motherboard to supply digital and analogue circuits. It is also used to as an input supply to regulators that then supply voltage to your RAM, chipset etc. 3V3 is used in the same way.
The 5V you measure is that on your motherboard, it would be interesting to know whether the 5V on your peripherals, hard disk etc goes down as well or is it just local to your mb and maybe due to cable drop? Do you have access to a multimeter? If you do, the red wire on a peripheral is 5V and the two blacks are ground, yellow is 12V.
Cheers,
WittyNewt.