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I got this from a MSDN article

The operating system will track all timer objects and program the hardware with the next wake-up time when putting the system into the sleep state.

In Suspend (S3), my PC only uses enough power to keep the RAM active, CPU is off, and all the fans are off, so it uses only slightly more power than hibernate. (But startup is almost instant as the previous state in in memory, not on the disk)

I found this link most useful (But a bit out of date)

http://www.microsoft.com/whdc/archive/winpowmgmt.mspx