I believe that the 420W is the max that it can provide under 100% load. A good switching power supply should only supply the amount of current needed to run the current load. I believe that is the nature of a switching power supply.
I have seen some ATX PS's that will not turn on unless they have a some sort of drive attached as the motherboard does not draw enough current to trip the softswitch inside. Those were probably cheap PS's though.



