Now that you mention it, the CPU power delivery stuff does look somewhat puny. Maybe a step below what is typical for Intel C2xx boards, even though higher power levels are expected.
Yah, it doesn't look all that good. A quick google didn't give me the skinny on the VRM configuration but it really looks quite wimpy.
Ok, I decided not to wait for the second 3900X to come in. I ripped the one I had out and stuffed it in there. I realized that the BIOS settings for the power and clock management with the 2700X stuffed were completely different than what the would be for a Zen 2 chip. So maybe the BIOS code for the Zen 2 chips would work better. And, indeed, I am getting much better results. I am able to run the 3900X with 'Platform Power Setting' in CBS/NBIO/SMU set to 120W (and not messing with cTDP which might be more of a failsafe field). The watt meter is showing 150-160W at the wall under full load and it seems to be sticking there without any need for excess cooling.
Unfortunately I can't get exact temperatures because the BIOS/ACPI isn't providing them on the Zen 2 chips yet... its still an early beta-like BIOS for the Zen 2 support. But the IR thermometer seems to indicate reasonable temps.
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I did one other thing. I actually removed the Noctua low-profile cooler and put in a Stock 3600X cooler (the lower-end one... the high-end one that comes with the 3900X is too tall for a 2U case). I had to saw-off a bit of the plastic cowling to get it to fit without hitting the DRAM, and the heat sink still impinges on the first DDR slot a little from the side, but actually a bit less so than the Noctua did and the fan has more headroom because the cooler is shorter, overall. This appears to work ok with the platform power setting set to 120W. It's not the best cooler in the world but it can handle 120W in the socket as long as case airflow is reasonable.
The advantage of the stock cooler is that it is a box cooler that pushes air directly onto the VRM heatsink from the side, so it looks like the VRMs are not overheating anymore. I'm running with the box cooler and four 80mm fans in a 2x2 configuration (CORRECTION ON PREVIOUS POST: I meant to say 80mm, not 40mm in the previous post).
I am doing a 24-hour burn-in now. I'm still not enamored with this board, particularly the primitive state of the IPMI and the very early BIOS, but... it might actually work for us. If it survives the burn-in without catching fire

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-Matt