I am new to Windows 7, have it on Asus EEEPC
On Windows shutdown option I have Hibernation but no standby. Sleep is grayed
On Power options I can set Hibernation options but I even on lid down options I do not see standby option.
Make sure that "Hybrid Sleep" is not enabled in the advanced power settings of your power pan. To access it, go to control panel and open power settings. Click on "Change plan settings" against the plan selected and then click on advanced power settings. Click to expand "sleep" and then see if Hybrid sleep is enabled or disabled. If it's enabled, disable it. See if it helps you.
As strange as it sounds, this also happens when some of your drivers are not updated. It could be anything but most probably your graphic card. See this link below. It describes the same problem and he was able to get back the sleep options once he updated his graphic card drivers.