I think I remember reading that standby turns non-critical devices (video card, sound card, network card, usb, etc) off and keeps low power to your RAM so that it doesn't loose what is stored in it at the time. Thats why if you put your laptop on standby and leave it, the battery will eventually run out and you will have to cold boot whereas hibernation, as Dilbert said, dumps out to a file on the hard drive and is read back in when you turn your computer back on.
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Patterns have a habit of repeating themselves.
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