Here are some of my humble opinions. More people (that I have known) seem to have problems with sleep mode .... to be more accurate, getting their computer to come out of sleep mode. I personally have never used sleep mode.
Computers do not use very much electricity. You aren't spending much by leaving them on and you aren't saving much by turning them off. But DO turn off your monitor, they need to cool down once in awhile.
If you choose to leave your computer on, be sure to clean (inside the case) more often. What you have is an air pump running 24/7, because of the fans.... the more fans, the more air. That air is not clean, lots of dust, dander, hair, etc. So it is important to clean that out on a regular basis. Especially if you have your tower on or near the floor. If you let it build up, you could have heat issues. The fans that are in computers will also eventually fail. Case fans, CPU fans, video card fans ..... will all die. The more you run them, the sooner their demise. They are relatively inexpensive, so keep an eye (ear) on them and replace them if they start to make any kind of cry-baby noises. Laptops have little tiny fan ports, be sure to keep an eye on those too as they can easily get "dust-bunny" build up.
Laptops can get pretty hot, particularly on the bottom side if you leave them on for extended periods of time. You may want to put something under them so they can get a little air circulation underneath to help keep them cool. Something to raise them up 1/2" or so, doesn't need to be too much.
Also, if you plan on leaving your computer on 24/7, consider getting a good battery back-up. Especially if you are going to be away from your machine for any length of time. Though surge suppressors are nice, they obviously will not protect your computer from brown-outs or total power failure. Brown-outs being worse than sudden power failure. Or, also not so terribly good, the old power off/power on in quick succession. Also, surge suppressors (especially the cheap ones) may only protect you for three really good hits, then no longer provide protection. The MOV's (metal oxide varistor) can burn out after "X" number of hits. Better supressors have more MOV's re-set'able circuit breakers and replaceable fuses.
Speaking of extended run times. Most Windows operating systems have what is called a memory leak. Even XP seems to suffer from this. What happens is ...... you open and close programs. Those programs require system resources to run. When you close a program down, the operating system is supposed to release those resources so they are available for other programs to use. The problem is, that doesn't always happen properly. So, your machine becomes sluggish, you could even get weird error messages, or programs not even responding properly. All you need to do is restart your computer and all will be well again. Something to keep in mind if you leave your computer on all the time.
Yes, starting up your hard drive is probably the hardest part of it's life. However, try to remember this was more of a problem many, many years ago than it is now due to better materials and technology in the new drives we have today. The hardest thing to do to your car is turn it on in the winter, but we all turn them off when we aren't using them. /ubbthreads/images/graemlins/wink.gif
I say, do what you are comfortable doing.
My two cents(maybe three),
Mike