Your computer needs power and it need good stable reliable power otherwise all your components may fail in a cascade of unpredictable destruction.
Efficiency
Power supply has to be efficient otherwise it will draw a lot more power to produce the stated 500W there are plenty of reviews out there that point out above 80% efficient power supplies. My personal pick Antec, Enermax, Seasonic these brands produce better power supplies. This does not mean don’t buy anything else but you’re just less likely to be let down by these manufacturers.
[edit 12-11-2008]
I have used so many power supplies and some of the 600-800 Watt monsters are crap. Buzzing, hissing sounds coming from a £100 PSU is not a good thing. Buzzing and hissing could be a result of many things, but the most realistic reason is, poor quality components, poor quality transformers/capacitors.
Stability
This part is the most important since some failures can be due to faulty power supply and you may spend time and money replacing the whole computer part by part.
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