Ah yes the good old days prior to Froyo 2.2. The Android OS was too sluggish coming out of standby/sleep mode to justify 125Mhz. That stigma has carried over into 2.2. If the user improperly configures their phone for sleep/standby or have the wrong voltage selected, they will experience the same symptoms as the 2.0, 2.01 and 2.1 days.
So, I sometimes have problems with this. What are the right settings?
Start with a standard voltage kernel to remove the first key variable so you can properly test the others. Set the sleep/standby to 125/400 and let the phone sleep for at least 6 hours. As soon as you wake it up open SetCPU and click on the Info tab. Look for the Load Average. All three numbers should be below two. If they are not, then up the max 1 slot IE 125/550. The reason for this is background apps. As they load up the phone in standby you need to be able to overcome the load average. If you don't have a lot of background apps, 125/300 may be possible, but if you have a ton, then you might need 125/800 or higher.
About now some of you might be going "Well I can run 250/400 and it works, so that should avoid the need for 125/800". You would be correct it works. It also take more battery to run at 250/400 than 125/800 if all the applications you have installed play properly.
Once you have determined the min/max for sleep standby, then you should go back to a low or ultra low voltage kernel for more testing.