One of the main theories supporting leaving electronics on is that the expansion and contraction from heating and cooling cycles is what causes failure.
Personally, as I said above, I don't worry about it with most of my electronics but I have always left my PC's on 24/7 and I have never had a failure of any kind. I have hard drives that have been running non stop for nearly 10 years and still work fine. Whether it prolongs the life or not, I set my antivirus and defrag programs to run at night when they won't bug me.
Coincidentally,
two hard drives that were in a secondary computer that was turned on and off often died within 2 years and the motherboard went bad not long after.