Indeed, no power is required to maintain the display in its current state. It doesn't matter whether the display is black, white, or a mix of the two. Power is only required to change the display from one state to another.
I think the source of the confusion is that power is also required to keep the processor running and the RAM active. This consumes power even if the display isn't changing. Power is also required to maintain the WiFi network connection.
When the Kindle is in standby mode, it is consuming the small amount of power required to maintain the state of the RAM, required to support instant-on. When the Kindle is off, it is consuming no power at all, and turning it on will require a full boot.
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