I've got a new iMac 10.6.8 fully updated and a different sleep problem - the computer goes to sleep normally, both by direct command and (if I set it) automatically after an inaction time. However, instead of waking up when requested, it instantly switches its power off! (I have a USB-powered card reader with an indicator light - that's how I know when power is on or off.)
AppleCare response: "something must have been hit", reinstall the OS yet again :-( The system came with a virus in the file access system so my store had to hard-format the disk then I had to reinstal OS, restore all my settings and all apps and data. Then I installed a weather widget from the Apple Store that turned out to only work in the US - deleting it "hit something" and had to reinstal OS the second time. This would be the third time...
I switched from PC to get rid of the perennial system hits from viruses, worms etc. despite firewalls that got in my way every time I turned around, not to mention so many bugs in XP that I lost count...
Anyway, I'm NOT reinstalling yet again - I've disabled autosleep and just turn the #$%^ thing off. Until, that is, Apple finds out how to fix all the problems related to sleep. It's obvious from this thread that they aren't trying hard enough.