I am having the sleep - wake - reboot problem with my new 3.2GHz Mac Pro too.
Nearly every time it wakes from sleep - fans up high - no display output - reboot.
No other symptoms apparent so far. I am very pleased with the performance while it is running...
Yesterday morning I ran hardware test off the install DVD and it appeared to lock up during memory test (no response to clicking the Stop Test button). I tried this a couple of times in normal and extended test modes with the same apparent lockup.
I was suspecting the 16GB of memory (8 x 2GB) that I put in, but puzzled why it provides flawless performance under heavy memory and CPU load during normal operation (including heavy Photoshop and modo 3D content creation and rendering) if the memory is bad enough to lock up the hardware test? No indication of anything wrong at all - just amazing performance - while it is running. Even during extensive successful installs of Boot Camp, Windows XP, Final Cut Pro, Adobe CS3, MS Office, iWork and several other pro software titles. Only crashes (nearly every time) when it tries to wake from sleep.
Last night I tested with my original factory memory (2 - 1GB) and it passed the basic hardware test - but appeared to be locked up during the test and required over 30 minutes to complete for the basic test that declares an estimated 3-5 minutes. When I tried the extended test it locked up so bad after an hour that the mouse would not respond. Maybe I should have waited longer, but that seemed excessive so I aborted that test by rebooting.
Then I booted the system from the hard disk with the factory memory and the first time I tried sleeping it it rebooted on wake just like with my 16GB configuration. However, repeated sleeps after that (always with a few apps running and waiting a couple of minutes before attempting wake) it did not reboot but successfully woke up and performed fine. So I left it in sleep all night and woke it up this morning just fine. I then checked my email and a couple of web forums and tried to sleep it again. I waited a couple of minutes and on wake it rebooted. So the reboot on wake phenomenon appears to be much less repeatable with less memory (or the factory memory), but still is a problem.
Next I will try my 16GB memory in basic hardware test, but let it run all day while I am at work.
-Jeff