This is a pretty well known problem with various Mac models, especially older machines. It is often referred to as coma sleep or something similar. Symptoms are as you describe, or the machine fails to go into sleep mode (but with similar symptoms).
On my machine, a Wallstreet powerbook, the problem is usually associated with extra power drain associated with the PCMCIA/Cardbus ports (which i use for USB and FireWire). I have learned to eject the cards and wait a minute or two before putting the system to sleep. If i do that, i can almost always avoid this problem.
If you search these Forums, or Apple's Forums, or Google for coma sleep, you should get additional info.