I've seen a couple of iSight iMac G5's where the SATA connector on the logic board failed/became intermittent. Symptom was: perpetual beachball even with new, known good hard drive.
After the power went out the other night, I was left with a 17" G5 iSight iMac that is completely unresponsive (despite being plugged in to an APC Line-R line conditioner). I suspect the power supply ...