Unless of course you're worried about your electricity bill, then not really. I've switched my PC off like 20 times in the last year, either for upgrades, cleaning, moving it or something.
Wikipedia says constant starting / stopping of your hard drives is worse off for their health than if they were left either on or off all the time, too 
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Isn't that more based on the fact how much the drive does? If I plug two fans in, and then make one run constantly, while the other goes on and off every few seconds, won't the first one die first?
There's nowhere I can't reach.