I have the same behavior. It is a recent change, within
the last 6 weeks. I keep it uptodate with MSFT updates, I
have not installed a new virus scanner or any software, so
I associate the problem with one of the MSFT updates.
Previously the machine would consistently go into standby,
now it only shuts the monitor down (the usb mouse stays
awake). Even when I select shutdown:standby, it does not
spin down the hard drive (that is a guess based on how
quickly it comes back, and not hearing the disk do an
initial seek), although it shuts down the mouse.
The machine is a dual xeon Compaq with win2k server.
I have tried re-setting the power options: monitor 5 mins,
hard disks 10 mins, system standby 15 mins. I also tried
resetting the bios power settings. No luck.