I am also experiencing same issue on my Dell Inspiron 700m laptop.
I have installed fresh ubuntu 7.10.

I have tried all below specified options :
1) adding "acpi=force" 
2) removing "splash" 
3) removing "ro quiet splash" 

Nothing worked for me.

Only shutdown works from command prompt with following commad.
shutdown -P now

As Glenn mentioned this bug is clearly conscious on 700m laptop

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Gutsy shutdown doesn't
https://bugs.launchpad.net/bugs/119308
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