Well I believe that you will definitely save battery life if you turn of the mouse at night.
I personally do not ever turn off my magic mouse as I have discovered it keeps my iMac from waking properly and I have not yet found a fix, so I just leave it on and my batteries last about 3-4 months of average use maybe 6 hours a day.
When I use the mouse heavy 8-12 hours a day I get about 3-3&1/2 months out of it.
I have now decided to go with the lithium batteries as that is what I ran in my mighty mouse and they worked well, so maybe these will help the life a little.
Over all I love the magic mouse and will continue to buy batteries for it.
Can't live without my Magic Prefs though...
http://magicprefs.com/