This was fixed for me in:
gnome-power-manager (2.16.1-0ubuntu3) edgy; urgency=low
.
* make sure the /apps/gnome-power-manager/action_button_suspend key is
set to "suspend". (closes malone #63303)
Justin, please reopen the bug if you still have problems (using Edgy).
** Changed in: acpi-support (Ubuntu)
Status: Needs Info => Fix Released
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Fn + F4 should suspend the laptop
https://launchpad.net/bugs/44615
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