Well, for what it's worth:
I also partially subscribe to the heat theory, I've had this problem on and off for the last couple of
years - but usually only in the Summer months.
I've got a 2006 20" iMac, currently running Tiger. I recently replaced the original hard disk with a new Samsung Spinfire F3 1TB disk, as someone had suggested it may be the hard disk failing, but alas this has made no difference. I've also purchased the upgrade to Snow Leopard hoping this might solve the problem, but have not yet installed it and from the sound of the posts here, it just as prevalent in 10.6, so may as well not bother.
I used to always hold the power key until it shut down, but I've found as with others, that if it doesn't wake on keyboard or mouse, if i briefly push the power button, it sends it back to sleep, after which it will wake up using keyboard or mouse. A pain, but not as bad as shutting down and starting up again.
It is a strange one, and certainly rare that no one has found a true across the board cause/solution. As we all do, I also hope Apple are following this thread and pull their finger out to solve this problem. I was thinking about upgrading to the new i7 2.93 Ghz imac this year - because of the age of the machine and the wake from sleep issues, but I don't see any point, if the latest machines are also suffering.
Come On Apple!!