working at HP technical support, the official word there is turning it on and off every day will create wear and tear... as well as use up more power. The variations in the power surges doing this cause wires to decay faster... but if you turn it off once a week, not so bad, turn it off less than that, better. The main concern is the monitor. Turning off the monitor every night can save lots of power, and will reduce the amount of decay of the phosphors on the CRT.
I turn off my comp maybe once every few weeks, and the monitor every time I will be away from for an hour or more.
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