I did a quick test.
My laptop on battery power running default power settings (whatever they are when you first install windows 7)
1. After 2 minutes screen turns off
2. After 15 minutes computer goes to sleep
The power button is slowly blinking. I pressed power button ONCE and wait for the login screen to come back. Everything worked.
Another test:
1. I closed the lid and the laptop goes to sleep.
The power button is slowly blinking again. I pressed power button ONCE and wait for the login screen to come back. Everything worked.
I running windows 7 ultimate 32 bit.
No idea why would you have this problem. Try to press power button ONCE when the laptop is in sleep and wait until it comes back to login screen.
There are some threads on this forum about your problem. This one might help:
Why my PC couldn't wake up from sleep?
Use search option for this forum.