You may only need to turn off the ATI software package which is probably starting up with Windows 7 and running all the time. It's not needed except for its separate driver, unless you are overclocking or running separate settings.
Go into msconfig>Startup and uncheck the ATI listings: Startup Programs - Change
Restart and try sleep>wake. If problem persists go into Device Manager, on View tab>Show Hidden Devices, browse to find the logged problem driver and disable it to see what happens.
If you have a lot of other programs starting with Windows 7, I would uncheck all but AV and gadgets unless you absolutely have to have them started on the desktop when you startup. Otherwise they are freeloaders on RAM/CPU, Startup and can spy on you.
Here are other troubleshooting fundamentals for Windows 7 since you are already checking your logs
: Computer lags every couple seconds