I'm experiencing the same problem with a macbook connecting with a vga cable (via vga--mini-dvi adapter.
Today, I bought an Acer S243HL .
I got a prompt reply from tech support at Acer saying:
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+Response (Jayaram K) - 10/07/2010 12:11 AM+
+Dear Marc,+
+Thank you for contacting Acer America. I apologize for the inconvenience that you have experienced.+
+I understand that the monitor displays "cable not connected", when the Macintosh goes to sleep mode.+
+As per our record your system is in warranty, but not registered.+
+Marc, after reviewing your mail I understand that the monitor has no hardware issue. In order to configure the display setting, please contact your computer manufacture.+
+I hope that you find this response informative.+
..hmm... I've written them back to say that their response is umm.. not informative.
I guess I'll return it if I can't resolve this. My other lcd monitor slept fine using the same cable/adapter/computer.
--Marc