I have a very similar problem. That is, my netbook does go into suspension, as indicated by the power LED flashing slowly in red, and the logs proclaim success.
When I hit a key in order to wake it up it even comes out of suspension, as indicated by the power LED turning into constant green. However, the LCD's backlight is not turned on.
There might be something being displayed on the screen but I have no chance to see it. Visual inspection of the screen in bright light at various angles doesn't really help.
"Unfortunately" I fitted an SSD drive to the system, so there is no HDD to be heard spinning up. There is also no CPU fan.
The system is as follows:
Sony Vaio VGN-P11Z with Intel Atom Z520 CPU, GMA500 ("Poulsbo") graphics chipset, and 2 GB of RAM. 128 GB PATA SSD (make: Super Talent).
The software is LMDE 14 ("Nadia"), XFCE version. Except for the flaw mentioned above this works clean right out of the box on my hardware. This isn't true for certain other distributions and therefore deserves my special appreciation (and hopefully not only mine).
--- begin of a side note
As a side note I would like to mention that the ONLY distribution which I have tried out that handles the suspend/resume procedure more or less successfully is Joli OS 1.2 (Ubuntu-based). Apparently they made a lot of special adaptations for netbooks, and for the Intel Atom in particular. The wakeup/resume mechanism isn't reliable, though, as in about 30% of all cases I have to press <Ctrl><Alt>F2 followed by <Ctrl><Alt>F1 in order to see the "Unlock Screen" dialog. The LCD backlight is always turned on immediately, however, as soon as I hit a key for wakeup. The F2 key mentioned above may also be any other F-key except F1 (no wonder with X-windows).
I haven't had (and will not have in the near future) the time to investigate what Joli OS does and LMDE Xfce doesn't do.
I am striving to get away from Joli because sometimes it behaves annoyingly (hangs for tens of seconds). It doesn't really crash, though, and therefore deserves to be called 'quite stable'.
--- end of the side note