First, please upgrade to the latest beta version of Tunnelblick (you can do that on the "Preferences" panel by checking "Check for updates to beta versions" and then clicking the "Check Now" button.
Let's work on the sleep/wake problem first, so be sure to connect, then sleep, then wake, then get the "diagnostic info".
Here is a more detailed answer to your question and what goes on in three different situations:
By default, Tunnelblick will disconnect the VPN when the computer goes to sleep, and reconnect the VPN when the computer wakes up from sleep. That can be changed on "Connecting & Disconnecting" tab of the "Advanced" settings page. It does this using the full disconnect/connect procedure by stopping OpenVPN and then starting it again, just as if you had clicked the "Disconnect" button and then the "Connect" button.
Moving to a different WiFi network is a bit different because it doesn't fully disconnect then reconnect. Instead (by default), it tells the existing, running OpenVPN to "restart" the connection. What is done when the WiFi network is changed is specified on the "While Connected" tab of the "Advanced" settings page". It isn't triggered by a change of the WiFi network per se, it is triggered by a change of one or more network settings.
So although they both "disconnect, then reconnect", there is a big difference in how they do it. That can cause problems when moving to a different WiFi network because sometimes OpenVPN isn't set up to "restart" properly. (Thinking about that, perhaps an additional option should be provided -- to disconnect/connect as is done with wake/sleep.)
"Keep Connected" has an entirely different function, nothing to do with sleep/wake or changing networks. It is (supposed to) reconnect if/when OpenVPN crashes (which should never happen). It does that by the same disconnect, then reconnect procedure as for wake/sleep.
Noticing that I have actually written "which should never happen" in the preceding paragraph, I can see why it is confusing. I should probably rename the checkbox and move it to some less prominent place.
So: thanks for making me think about a couple of ways to improve Tunnelblick.
Now let's get Tunnelblick working properly for you on Yosemite.