Yes, you will get longer life out of battery if you discharge it to about half capacity and store it in a cool place. Mostly because your laptop doesn't top it off every time it drops below 95 percent and because it doesn't get warm from the heat dissipated by laptop.
Some people (if you read notebookreview forums) will actually take out the battery and put in in the fridge if they do not use it. I think that's an overkill, but it's their laptop, so more power to them.
In the end it boils down to a personal choice. Yes, you will get longer life if you take the battery out of your laptop, so if you only use your laptop on battery power once a month or so, then it does make sense to take it out if you're really worried about battery staying fresh. If you intend on taking it out every single day while you're at work or home, that's a different matter. I wouldn't do that, too much hassle. Personally I use my laptop on battery power at least once or twice a week so I never take the battery out. Yes, it will degrade faster, but it's just too inconvenient to unplug it and plug it back in so often. I think stories of batteries dying within a year are overblown. Yes, there are flukes and defective batteries and whatnot, but they are an exception. We've had a lot of laptops between me, my family, and friends, and while all of them lost capacity over a couple of years all still had plenty of life left in them. The worst example that I can think of is first generation unibody macbook pro that had battery degrade in half over less than two years. I think that's because they run too hot which ruins the battery quicker and because that particular laptop had unusually high power draw in sleep mode which forced lots of unnecessary discharge/recharge cycles. Even so that is an exception and it still gets at least two hours of battery life.