Just as what other poster said, hit the top button once to put it into sleep mode, if you want to turn it off completely, you have to hold the top button for a long time until the red slide appears, and you slide the red slider to the right and you turn it off. Most ipod are always in sleep mode, they never turn off.
Turning off the touch on and off completely will drain it's battery significantly, because it requires datas to be loaded, and yes it takes a while to turn on cuz of loading.