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It's a hot topic here too.
I leave mine on all the time since I use it at all hours of the day and night. The only time I turn mine off is when I am leaving town for a few days. I have everything plugged into an APC brand UPS so I am as protected as I can reasonably be.
I do unplug everything if I am going to be gone for a few days.
I got into the habit of leaving it on because of OS X's maintenance scripts that run overnight, but if you arre running 10.4.3 or later, they now run at the next available time if you Mac is off or asleep when they are scheduled to run.
The MTBF is s great that you would have to keep your Mac on for a lot longer than people even own them for, so I think you are safe. In any case, the most stressful time for a computer is the startup and shutdown process due to the thermal expansion and contraction.
No real harm either way, but it seems silly to me to start up and shut down your computer 6 times a day. Turn it on in the morning and shut it off at night - or leave it on all the time.