Technically there is a hibernation-like feature in Mac, it's new with 10.7 Lion and its called Resume. If you didn't know, when you shut down or log off, it saves all of your current open programs and their positions, then reopens them upon startup or when logging back in. It isn't exactly the same as Hibernation, but it is pretty darn close, and also is faster in my opinion than hibernation is.
Also, there is technically a hibernation mode that kicks in when your battery hits <1% that saves all of your data to the HDD, then shuts itself down like hibernation would.
To be clear, your options are between using the Resume feature (which works phenomenally), using Sleep (which also works well, assuming you will not be leaving it in sleep unplugged for more than 3-4 days), or using 3rd party apps (which in my opinion don't work very well).
My personal recommendation is just use Resume. Shut down when you are done using you're laptop, then when you start back up, everything will be there just like it was when you turned it off in the first place. You will notice a tick box when logging off/shutting down/restarting that says " Reopen windows when logging back in". Check that ticker box and resume will automatically take care of the rest.