As kutulu mentioned, your usage of the drive would probably determine if you keep it on all the time or not. I have an external case that I only have plugged in when I am using it. I should note that I use the external case as a lazy way to swap hd's because I don't want to keep digging in my case everytime I need to move data around.
I also believe that most hd's will spin down when not in use. I think that this is also a windows setting or a power setting. (Someone correct me if I'm wrong here), so keeping it powered or unpowered when not in use might not make a difference.
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