This is really - really common.
The lesson here may be to check the simple before complex. Is it on?, Does the signal get from the input to the circuit board?, etc. I find that complex systems lead people to think of complex failures, but the complexity usually means that a simple failure will take it down before a complex one has a chance. Designers also tend to ignore the simple failure modes, and thus solder a weak pot to a circuit board, where it will surely fail if it receives a blow, and likely fail in time, due to solder joints flexing. So much time and energy put into the development of an elegant and beautiful product, only to be let down by a poor choice on the mechanical front. The pot is actually supporting the board here! On the other hand, simple systems, when they fail simply, are repaired without a second thought; but when we are required to think about it, the failure is often of the complex sort that we had formerly reserved (in our minds) for the complex systems.
I realize that it may seem odd to focus on the psychological aspects of troubleshooting, but when we approach a problem which is outside of our routine experience, the psychological aspects present a substantial barrier to adapting to the problem at hand and focusing quickly on the solution. I also think that the thrill of solving a complex puzzle leads people to be habitualized to look for solutions along those lines. Doh!! and a slap on the forehead can be just as rewarding though
One thing that I like to do is to get a cotton swab and clean the boards and components. It does nothing for the electronics, but it allows me to relax and take in the physical aspects of the thing, and also get familiar with the layout. Chances are good that I'll see a cracked pot or a cold solder joint. It also looks nice when you're done
Good for you for getting another PCM70 going. Long live the PCM70.