Hi Swankallcity,
I'm having the same problem, but even worse than just not spinning down.
I've bought a Seagate Momentus XT 750GB, installed in my MacBook Pro 15" mid 2010 (which came with a Seagate Momentus 500GB 7200RPM), created single partition and restored my OS (Lion 10.7.3) straight from TimeMachine (4th generation TimeCapsule).
Everything worked like a charm, until I noticed the MBP wouldn't wake up from sleep.
So if I put the computer to sleep, it works just fine - it spins down the drive and the white light starts flashing. But if I leave the computer like that overnight, next day it doesn't wake up. I can hear the drive spinning, but nothing happens, so I have to help power button to shutdown and then start it again.
I changed my settings to go to sleep after a minute idle, and it turns off the screen, the while light comes up but doesn't flash and the disk keeps spinning. If I press anything it wakes up though, but I'm not sure if it will after a few hours.
So reading about the issue on every single forum out there, I decided to clean install Lion. I'm doing it as I write this and hope it will fix the problem. I think I'm not going to restore from TimeMachine even after a clean install, just to see how it goes.
I can't believe it's a compatibility issue as the hard drive which came with the MBP is a Seagate Momentus as well (just older and not hybrid). They actually physically look exactly the same, but one reading "Seagate Momentus 500GB" and the other "Seagate Momentus XT 750GB".
I have another XT running in a HP Elitebook 8460p with Windows 7 Enterprise 64bit (bought both together at the same store) and it runs beautifully, no problems what so ever.
I will let you know how it goes as soon as I finish the install and my testings 🙂