With the reset wire disconnected:

Voltage measured at Pololu voltage regulator: 4.96v
Voltage measured at Betz 5v pin: 4.96v
Voltage measured at Betz 3v3 pin: 183mv

When I slide the "smd_2_pole_switch" on the Betz board into the right/down position, the LED blinks steadily, indicating the chip is in sleep mode.

When I slide the switch to the left/up position, instead of waking up, the chip goes completely dark, no LED at all.

Pressing the physical reset button does not change these states.