I was finishing up a project earlier today, and on hitting the power switch it's completely dead. It's operated off the line with a transformer, and after a little debugging I realize something is wrong with the fuse, or more specifically, the fuse holder. It's one of the little cup style deals like the one in the bottom right in this image:
Inside the cup are a spring and a (brass?) terminal clamped around the wire end. I find that one half of the holder has continuity, but the other doesn't. I take that half out of the circuit and measure it with a multimeter; it reads in the megohms. At first I thought there might be some oxidation on the contact that's preventing a good connection, but nope, there's good continuity between any two points on the contact.
Cut to the chase: the stranded fuse holder wire had vaporized just inside the wire casing at the contact connection point. Evidently whatever machine was used to crimp the connectors on the ends pulled the wire too hard in the process, so at that point the wire was down to just a couple strands. Then the inrush current killed it.
I bought the fuse holders from an "overseas" supplier on eBay because I thought "They're fuse holders, what could go wrong."