This posting is older than 6 months and can contain outdated information.
Hello Rob,
Remote Buddy allows you to freely map any button to an action,
including, if you so want, hardwiring a long press on the play button
to system sleep.
As, however, with only six buttons, the number of functions you can
map to the remote are already kind of limited, the default
configuration is to give you application specific functionality for
the "play hold" state (mostly used to toggling to fullscreen or
another special mode).
You can map the sleep function (found in Miscellaneous group of the
popup in the table) in Preferences > Hardware > Apple Remote > Mapping.
Then, a long press on Play will always put your system to sleep.
This, of course, will also mean you can't map any other function to it.
Please have a look at the online help if you want to learn about how
actions for button presses are chosen.
Best regards,
Felix