ninja,
Which operating system are you running (including service packs)?
You may have already addressed these, but here they are:
Possible causes:
1 - Computer is going to S4 state (hibernation) rather than S3 state (stand-by), which would result in a 'reboot' behaviour.
2 - You have a 'usb' device connected and/or a device driver is not playing nice with the power management functions of the operating system.
3 - A setting in the BIOS settings is enabled that is producing the result.
To begin with, I would go into the BIOS (hit whichever key is listed to enter 'Set-up' on the boot screen), and then select 'Load Defaults' - if it exists - usually found under one of the tabs. Save the changes and exit to boot up. This should set your machine to the intended defaults from the factory.
Next, go into 'Device Manager' and verify that you do not have any yellow exclamation marks or question marks indicating a driver issue.
Finally, I would go into the 'Power Options' and do the following:
A) Deselect the 'Enable hibernation' under the 'Hibernate' tab and click 'Apply' (if available).
Select and apply the 'Portable/Laptop' option under the Power Schemes tab.
C) Select and apply 'Never' in any list for 'System Hibernates' under the Power Schemes tab.
D) For testing purposes, you can select and apply '1 minute' from the 'System standby' list (note - make sure to write down the current time set).
Now, with any 'usb' devices disconnected, wait for a minute without touching the notebook to see if it enters 'Stand-by' correctly. If so, wait a couple of minutes and then press the 'Enter' key to see if it comes out of the 'Stand-by' state correctly.
If the above worked, then the basic power management is working (remember to reset the 'System standby' time). Further details would be needed for someone to assist. 
[Edit] - It should also be noted that some manufacturers include their own software for 'energy-saving' features, and that the notebook may be set to enter 'hibernation' when the lid is closed due to the fact that it will keep any temperature issues at bay and that this enables the power to be removed from 'RAM'. In this case, it is possible that the manufacturer has settings that affect the power management of the operating system.