for rebooting, you'd have to have super-fast POST and device initialization after power cycle, so i wouldn't say milliseconds.
The latter is probably a firmware bug, but the best Dell ProSupport has been able to do to solve it is "flea drain" (unplug, hold the power button for 60 seconds, plug back in).
It's quite a pain in the arse, and one of the reasons we prefer to use Supermicro machines for development at work, using only Dell for testing.
Given your typical motherboard which you tell to bypass POST, it can go from power applied to memory controllers alive in just a few microseconds. The code then to go from there to running is also quite small, especially if there aren't things like graphics controllers on the PCI bus that have to be initialized first.