It's been the first thing I've disabled for years, power management is decent enough that a desktop system will draw a marginal amount of power at idle even if you don't use suspend or hibernate.
Of course, on my macbook it 'just works' and I've left everything default in terms of power management, I assume it does something similar to hibernate/S3 sleep but it always comes back instantly and without draining the battery while closed. I carry it in a backpack commonly and have never had issues with it being hot when I take it out.