I've noticed the same thing, on my Dell 8600, which is undoubtedly very similar to the 700m. I just disabled standby and forgot about the problem, but It'd be awesome if someone here knew what was up, so we could get the most out of our battery.
Once in awhile my screen would not turn back on my latitude d500. I get it to turn back on by pressing that little button that senses when the lid is closed.
My wifes gateway does the same thing. She just presses a key to get the monitor to respond. Oddly enough, I have also have a gateway, but mine never has that problem.
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