Macbook Pro Late 2011 I7 w/ 16GB RAM here. I have the same problem. After I wake my laptop from sleep, if the display doesn't wake immediately, I must apply a workaround each time it wakes, until I reset the PRAM/SMC. I have Yosemite with all the latest OS updates and Thunderbolt firmware updates.
Here are the temporary fixes that I've tried:
1. Resetting SMC/PRAM. Fixes the problem for 1-2 days.
2. Unplugging, replugging Thunderbolt display into port. This can take 6+ attempts before it detects properly.
3. Open lid on laptop, then laptop display becomes primary, and Thunderbolt Display an extended desktop. Then close the lid. I just did this for the first time yesterday, so I'm not sure about the repeatability for a workaround.
4. Reboot.
Given the length of time this problem has gone unfixed, I'm wondering whether or not Apple has long-term plans to support Thunderbolt. Cheaper, mainstream, non-Apple DVI displays aren't plagued with this problem. For the $1k premium I paid for this display, I expect more from this product. Where's the heck is the firmware fix?