The system does not suspend automatically. Not with standard power settings (5min,10mins,etc...) nor with custom settings (10). Suspending manually with shutdown->suspend works fine.
Here comes all my settings-daemon dconf-settings:
org.gnome.settings-daemon.plugins.power active true
org.gnome.settings-daemon.plugins.power button-hibernate 'hibernate'
org.gnome.settings-daemon.plugins.power button-power 'interactive'
org.gnome.settings-daemon.plugins.power button-sleep 'suspend'
org.gnome.settings-daemon.plugins.power button-suspend 'suspend'
org.gnome.settings-daemon.plugins.power critical-battery-action 'hibernate'
org.gnome.settings-daemon.plugins.power idle-brightness 30
org.gnome.settings-daemon.plugins.power idle-dim-ac false
org.gnome.settings-daemon.plugins.power idle-dim-battery true
org.gnome.settings-daemon.plugins.power idle-dim-time 10
org.gnome.settings-daemon.plugins.power lid-close-ac-action 'suspend'
org.gnome.settings-daemon.plugins.power lid-close-battery-action 'suspend'
org.gnome.settings-daemon.plugins.power notify-perhaps-recall true
org.gnome.settings-daemon.plugins.power percentage-action 2
org.gnome.settings-daemon.plugins.power percentage-critical 3
org.gnome.settings-daemon.plugins.power percentage-low 10
org.gnome.settings-daemon.plugins.power priority 1
org.gnome.settings-daemon.plugins.power sleep-display-ac 0
org.gnome.settings-daemon.plugins.power sleep-display-battery 0
org.gnome.settings-daemon.plugins.power sleep-inactive-ac true
org.gnome.settings-daemon.plugins.power sleep-inactive-ac-timeout 10
org.gnome.settings-daemon.plugins.power sleep-inactive-ac-type 'suspend'
org.gnome.settings-daemon.plugins.power sleep-inactive-battery true
org.gnome.settings-daemon.plugins.power sleep-inactive-battery-timeout 10
org.gnome.settings-daemon.plugins.power sleep-inactive-battery-type 'suspend'
org.gnome.settings-daemon.plugins.power time-action 120
org.gnome.settings-daemon.plugins.power time-critical 300
org.gnome.settings-daemon.plugins.power time-low 1200
org.gnome.settings-daemon.plugins.power use-time-for-policy true
ProblemType: Bug
DistroRelease: Ubuntu 11.10
Package: gnome-settings-daemon 3.2.2-0ubuntu2.1
ProcVersionSignature: Ubuntu 3.0.0-17.30-generic 3.0.22
Uname: Linux 3.0.0-17-generic i686
ApportVersion: 1.23-0ubuntu4
Architecture: i386
Date: Fri Apr 27 09:16:33 2012
InstallationMedia: Ubuntu 11.04 "Natty Narwhal" - Release i386 (20110427.1)
ProcEnviron:
LANGUAGE=en_US:en
PATH=(custom, user)
LANG=en_US.UTF-8
SHELL=/bin/bash
SourcePackage: gnome-settings-daemon
UpgradeStatus: Upgraded to oneiric on 2012-04-21 (5 days ago)
Status changed to 'Confirmed' because the bug affects multiple users.