It's not like it's that bad to turn it on and off, although I do think it's good to limit the total number of on-off cycles.
If you're done using it, but you might use it again in the next 6-8 hours, leave it running. If you know that you won't use it for more than 6-8 hours, for example, while you're sleeping or at work, shut it down. The extra wear and tear of a fresh bootup is probably inconsequential next to the fact that when the PC is off, the bearings in your moving parts (HDs and fans) won't be subjected to needless wear (your hard drives and fans will actually last longer), the fans won't be drawing in heatsink-clogging dust (less frequent maintenance), and, with most P4-era and newer systems drawing an average of 100 to 200 watts from the wall, you can probably lower your electric bill $3-5 per month per system that you don't leave running 24/7.