See if the problem reproduces itself in a second user. Go to Apple menu -> System Preferences -> Accounts, create an admin user -> Logout from the Apple menu, login the new user and set up Energy Saver. If the sleep issue reproduces, you know the problem is system wide. If the sleep issue doesn't reproduce, then your Power Management and/or Energy Saver plist files are corrupt.
System wide issues may be present in the plist files for the Hard drive -> Library, or an actual power manager issue.
You may want to reset the power manager and see if it fixes itself:
http://docs.info.apple.com/article.html?artnum=14449