I remember a couple years ago when I read so many articles debating whether leaving a computer continously on was good or bad for the computer.
In my opinion, it is better to turn off the computer. Because today's hard drives spin so fast, often 7200rpm or more, this generates a lot of heat and places a lot of stress on the motor and the bearings. Running your hard drive 24/7 can only decrease its life span.
However, the other side of this argument is that leaving your hard drive on all the time will prevent it from being stressed by the "surge" of electricity when it is turned on. Considering today's solid state circuitry and the efficient voltage regulation done by the power supply, I don't think this is much of an issue anymore. So turning the hard drive off will probably extend its life longer than leaving it on all the time.
Oh yeah, another thing. It saves electricity!!! =P I live in California, and electricity conservation is a big issue here! =P