My 27"I7, 2T HDD imac has narcolepsy too. Mine goes to sleep and won't wake up unless I unplug it, etc. Took it to the genius bar and they reset the SMC and sent it home. They can't reproduce the problem. I've had the problem off and on sinc eI bought it in Dec 2009. It got better after the firmware update, then became constant, slipping into a coma several times a day after I attached a firewire 2T gdrive to use as my time machine backup drive. What's very odd is that I have to press the on button twice to get my machine to turn on. The first time just the fan goes. I press and hold the on button to turn it off, then press it briefly to start it. It starts right up. While poking around the apple support site, I came across this:
"Only a Mac running Mac OS X v10.6 can Wake on Demand. New Macs ship with Wake on Demand enabled by default, but for some earlier Macs this option must be enabled using the steps below. Macs that have Wake on Demand enabled will occasionally wake for a brief time, without lighting the screen, in order to maintain registrations with the Bonjour Sleep Proxy. On some Macs, sounds from the optical drive, hard drive, or fans may be heard during these brief maintenance wakes."
I'm not on a network and I don't have a time capsule, nor do I have any idea what a bonjour sleep proxy is. But it does seem that my computer is stuck in a "maintenance wake" when I first try to restart it and sometimes when I think its asleep, the fan is on, so could this be a part of the puzzle?
For now, I just set the computer sleep time to "never" and it is working for now. I've also set my personal sleep time to "never another apple product."