some answers
I found this post when i was asking the same question, but there appear to be no answers out there...so I figured it out and here is the answer.
I put a writeup here:
http://www.digitalsushi.com/home/nathanb/MacCubePowerButton
but, just in case that goes away, I'll put it in text too.
Looking at the small 5 pin connector, the pinout is as follows:
(looking from the top)
---------
| 5____ +5 volts
| 4____ (not connected)
| 3____ Control Line from Cube
| 2____ LED Power (3.3v from the cube)
| 1____ GND (0 volts)
|
---------
Also, the frame that the button is mounted on must be connected to GND. Normally this is done with the frame of the Cube, however when testing it I had to use a wire clipped between them.
Now if you just connect 5v between +5 and GND, and stick your finger over the button you will find nothing happens. That is because pin 2 is the power input for the LED. I didn't want to deal with another power line going to it, so I just connected a 1k Ohm resistor between +5 and pin 2. This did the job just fine. You can go smaller than that, I ran it up to the full +5 volts without seeing any problems, however I would say it is a safer bet to stick the resistor in there.
If you look just off the the side of the connector, there is a "large" rectangular chip which is a Phillips microcontroller (uC). Pin 3 on the connector goes to pin 18 on the uC. Pin 2 on the connector goes to pin 10 on the uC. Pin 11 on the uC is the output to the LED, and goes up to about 1.25 volts when the LED is on.
As it is somewhat difficult to solder to the pin on the connector, I soldered the 1k resistor between pin 15 (+5v) on the uC to pin 10. The pins on that are a lot bigger, so it was more strait forward (see pictures on the web page above).
If you have done this, or connected 3.3v to the LED power in connector pin (2), then you can stick your finger over the button and it will light up. If you hold your finger over the button for 4 seconds or so, the light will shut off. I have it setup such that the button only lights up when I am "pressing" it.
ATX (and similar) systems turn on/off when the power switch pins are shorted. To simulate this, I used a transistor connected to pin 11 (the LED output on the uC). The one I used is a 2n3904 NPN transistor, like you can get at Radio Shack. Really any "run of the mill" NPN transistor you can get your hands on will work.
If you want to use a MOSFET transistor, you might find you don't have enough voltage to turn it on. I originally tried a 2n7000, but you need 2.1 volts to turn that on. The NPN transistor only needs about 0.7v or so, and it works just fine.
So how to connect it. You will need a 10k Ohm resistor. Solder a wire to pin 11 on the uC, and go to the 10k resistor. That should go into the Base of the transistor (probably the middle pin, but look up the data sheet for whichever one you have). On the transistor, the Collector pin should go the the positive (+) switch pin on the motherboard, and the Emitter should go to the negative (-) pin.
Here is some crude ASCII art of the transistor connections (the "..." are just so things line up right, white space gets removed...which is "bad" for ascii art)
.......................................2n3904
.
.MB PWR+ pin----------- ..........._ -------------MB PWR- Pin
................................. C \ ......... /| E
...................................... \____/
...........................................|...........10k
...........................................B -------/\/\/\/-----Pin 11 on uC
If you do this, when the light is on the two pins will be "shorted" because the transistor is acting like a switch that closes when the light is on. To hold things in place, I just hot glued the transistor to the metal plate that the board screws onto next to the board.
This also means you need +5v to work with before the computer is on. If you lookup the ATX power connector pinout online, you will find that one of the pins is a +5v Standby (usually called +5vSTBY or something). This is the power the motherboard uses to run the power on/off stuff, wake-on-LAN, etc. You can connect to that power line (splice in, solder on, whatever) and use that to power the power switch board. The peak current pulled by the board is about 110mA when the LED is on, and less than 5mA when it is off (my Power supply only shows that low, in any case it is all far less than the +5v standby line can supply).
For those who want to keep the light on, the way you do that is as follows. The microcontroller monitors pin 18 (pin 3 on the connector) to see if it changes while the button is being "pressed." If you want the light to stay on, you have to pull connector pin 3 low while the light is on. If you do this, the light will stay on after you remove your finger. You can turn it off again by holding your finger over it for 4 seconds. I didn't do it this way, so I didn't have to deal with how to flip the switch on and off while the light stays on. You could do it with a one-shot type circuit (look it up on the web, they are common) that fires on the rising edge of the LED coming on. Like I said, I didn't do that.