In case you haven't seen it:
For hibernation of the MD, see this thread http://forum.linuxmce.org/index.php?topic=2689.0
, which discusses the topic. There is also a wiki article that describes how to set it up http://wiki.linuxmce.org/index.php/Suspend
As you will understand from the thread, hibernation still has some problems, and it is not integrated into LMCE. You will have to either hibernate from the console or set up the power button to trigger hibernation. There are also some problems that can occur when resuming; sometimes you wont be able to play audio and video (and perhaps other issues also).
So basically, yes, it is possible but it still has some problems.