I think the "sleep" mode to shut down solution was a patch for the known issues with battery life. It certainly doesn't seem ideal, but it provides a solution before they fix the real problem. It it sort of like "hiding" the 100 free books while they figure how they can actually allow you to remove them.
Like I said previously, I am very impressed with the update, as it does fix all of the problems I had previously. However, I am extremely disappointed in the sleep mode solution for battery conservation. I know I wasn't getting anywhere near 8,000 page turns but that didn't bother me at all. I am used to charging my Blackberry daily even if I don't use it much on any particular day. Quite frankly, charging my Kobo once a week or so, under normal use, is still great in my mind regardless of how many page turns each charge yields.