I have played with various combinations of power-down, suspend and the BIOS RTC wake-up features. Testing the BIOS is critical and a real pain to debug: Set the alarm, shutdown, wait (an hope) for the machine to power up again and, hopefully, not shut down again immediately. Also consider what would happen if there is a power outage at wakeup time.
MythTV can be configured to shut the machine down, setting the alarm to wake the machine up N minutes before the next scheduled recording, or a fixed time, whichever comes first. I have used it and it works reliably once the wrinkles have been ironed out. They have a number of Wiki pages on the subject under "shutdown/wakeup".
I have my 04:00 "overnight batches" set a flag meaning "don't shut down yet", run the batches, then remove the flag and, optionally, set the RTC alarm to wake up at 03:58, just in time to run the next batch and shut down again. The BIOS is set to power the machine up if power is resumed. Great for vacations. Ran reliably for 3 months unattended without missing a TV recording.
The interface you want is either /proc/acpi/alarm (older) or /sys/class/rtc/rtc0/wakealarm (since kernel-2-6-22). The MythTV page is at
http://www.mythtv.org/wiki/ACPI_Wakeup and has plenty of examples.
Have fun,
--DaveG