I could see where setting "Wake on Lan" to "on" would be a severe change for some, but it really is a simple BIOS option. If you have BIOS experience, the change would be minor, and I assumed that it was obvious that "Wake on Lan" would need to be enabled.... but apparently not.
without configuration changes, i ran my IIS server. i put it into standby. it was 100% non functional. therefore, any changes i needed to make would need to be severe to get it to 0% non-functional. severe is more than the word for it. and the incomplete answer to this question is "yes it works." the complete answer is "yes it works, but you have to..."
This sounds a lot like: "My computer is 0% functional, plugging it in would make it 100% functional, but that is a severe change."
I guess it may be severe in the technical sense, but it's also an incredibly "easy/obvious" change.
If you're interested in getting it running, you could purchase a computer that already has WOL enabled, or even one of several BioStar motherboards with the option defaulted, as this would be "less severe" then entering your BIOS and pressing the [space] bar over the [Wake on Lan?] option (usually the only steps required, you may need to navigate to the option first).
If you'd like assistance in getting this functional, I could provide some for you, I promise it won't be much less severe then you think. To test this, I took a simple DellD400 laptop (Running RHEL4), and I then enabled Wake on Lan, started my Web server, and put it in Standby.... and I was able to access my webserver. In about 4 minutes time.