Yep, even with everything connected properly and both lights on the IO lighting up (indicating that there is power getting to it), I get an error message of "Error. JAMMA I/O NOT FOUND" on startup. I've been told that this is most likely caused by a bad I/O board or bad ROM on the I/O, since everything else appears to be connected properly
You might just need a controller chip, but chances are you'll get a working I/O for the same price or even less, unless someones got one they can chuck your way.