Well... I pulled apart my Black Ninja, hoping to solve this issue. Was gonna desolder the switch and open it up to see what's up.
Long story short: Didn't desolder enough (need to pick up a desoldering pump), and one of the pins came out of the switch. Ordered a new one off ebay (thank god for ebay credits, paid next to nothing for a $6.00 switch), opened up the switch, found out it was a tiny burr I could have shaved off with a razor blade by just depressing the stem.
Needless to say, not a good morning. But the experience was great. Packed up the Ninja and faulty switch, now just waiting for the replacement switch. Shame too, I LOVED gaming on that board.