There is about a 1-2 second lag between when I press the wake/sleep button and the screen lighting up. This only happens when I've left the phones screen off for a few mins or more. If I press it multiple times after each other there is no lag. I don't have any actions set in Activator or any other tweak that uses the wake/sleep button. I would do a restore and set up as a new phone if I could but I can't since I'm on a 4S. Here is a list of the jailbreak apps/tweaks I have.
Activator
AnyLockApp
Barrel
biteSMS
Exchange Unlock
FastClear
iFile
IntelliScreenX
NCQuickDismiss
NoStoreButton
PasswordPilot
QuickNote for NotificationCenter
Springtomize 2
Stealth Cam
WeeFlashlight for NotificationCenter
WeeSearch Pro for NotificationCenter
Winterboard
Zephyr
Zeppelin
Activator
AnyLockApp
Barrel
biteSMS
Exchange Unlock
FastClear
iFile
IntelliScreenX
NCQuickDismiss
NoStoreButton
PasswordPilot
QuickNote for NotificationCenter
Springtomize 2
Stealth Cam
WeeFlashlight for NotificationCenter
WeeSearch Pro for NotificationCenter
Winterboard
Zephyr
Zeppelin