That's odd. Mine wakes from Sleep using the "Wake Up' key. Or any key press for that matter. And yes, generic PS/2 keyboard and PS/2 Logitech mouse here.
When it's sleeping, what does the Dr. Debug leds display? Mine displays 03 (representing an S3 sleep state) when using Start->Shutdown->Sleep, or by using the keyboards Sleep key.
The only odd behavior I've so far encountered is when I updated from BIOS 1.80 to 2.00. I kept getting an error code 36 along with a blank screen on initial boot when cold booting. Yet after powering down and powering back up it would run normal. At that time I had my two sticks of ram in the white slots(A2 and B2) because I read somewhere that 2 sticks in those slots improved performance.
Two calls to ASRock techs didn't solve anything. Scratching my head I devoured the manual again and decided to move the sticks to the blue slots(A1 and B1) and viola, problem disappeared. I still don't know why it would run perfectly in the white slots on 1.80 and become flaky on 2.00. It didn't matter what BIOS 2.00 changes I made I kept getting the error 36 and blank screen upon initial cold boot.
By chance is your ram residing in the white slots?
My system now:
ASRock 990FX Extreme4 w/BIOS 2.00
32GB of AMD Entertainment, 2 kits of AE316G1601U2K(2pcs 8GB ea kit) 1600MHz 2T
EDIT: Windows 7 x64