Correction: I disabled the Pulseaudio script (mv /usr/lib/pm-utils/sleep.d/01PulseAudio /usr/lib/pm-utils/sleep.d/.01PulseAudio) and this still happens.
So while I think the Pulseaudio issue should be fixed, I don't think it is what is preventing the system from sleeping.
Correction: I disabled the Pulseaudio script (mv /usr/lib/ pm-utils/ sleep.d/ 01PulseAudio /usr/lib/ pm-utils/ sleep.d/ .01PulseAudio) and this still happens.
So while I think the Pulseaudio issue should be fixed, I don't think it is what is preventing the system from sleeping.