Unfortunately, it doesn't wake the device from sleep — you'll still need to hunt for the Power button. (pcmag.com)
The cover opens like a book, automatically waking the device when opened and putting it to sleep when closed. (goodereader.com)
Tap to wake: Like double tap to wake up feature on most of the device, Tap to wake will also wake the device by double tapping on the off screen. (phoneradar.com)