Yeah, that's what I thought as well. Didn't find any telltale signs for failed capacitors, though, so I had to replace it entirely.
Then again, it was time for an upgrade anyway but I had wanted to wait for the new generation of Intel CPUs. But going from an i5-2500K to an i5-4590 isn't bad either.
Nice! But the innards of a PSU are something I myself would only touch if I really knew what I was doing. Because they can be literally lethal if you're doing it wrong.