My Literati needs to have the button held for a few seconds to go off, and will "sleep" if you tap it.
Sleeping saves a little power if you're not going to look at it for a few minutes, but will be picking up where you left off soon enough to make it worth not powering off all the way and then waiting for startup. I'd hate to accidentally turn the reader all the way off if all I wanted to do is make it sleep.
I hope this helps.
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