I think it's "console enough" that it could still work. Current consoles are really just locked-down PCs anyways.
It'd be no different than the OtherOS functionality on first-run PS3 consoles that allowed them to boot into Linux. Perhaps simpler than that even, given that current consoles already use standard PC hardware and not the Cell architecture the PS3 ran on.
What they're describing isn't just going to sleep, but putting a game on pause, doing whatever else you want (such as playing a different game) and then resuming exactly where you left off.
It's basically just dumping the RAM to a file and loading it later, same as an emulator save state.