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Hard drives are still affected by power cycling. I've been involved in the actual design of hard drives.... Granted, that was 3 years ago, but still fairly recent.
The issue is the spin-up of the drive, which means you have a power surge through the motor inductance, which means you just shortened the life of that drive.
Things are better than they used to be with hard drives -- most cheap drives are single platter, which means they don't have as much mass to spin. Manufacturers are also controlling the spin-up time to try to reduce the effects. Not all hard drives are built alike: some cheap Western Digitals or Maxtors come with a 90 warranty. The expensive WDs and Seagates come with a 5 year warranty.
Non-moving electronic parts typically don't have an issue with power cycling, but moving parts definitely do.
Side note: For those of you who choose to use the World Community Grid to allow those spare CPU cycles to be used, be aware that it is definitely shortening the life of your computer (every 10 degree C rise in temperature cuts the life in half), and it is also costing you dollars in power bills. A modern computer at idle (screen off) is only drawing about 30 watts. Get those numbers crunching on it, and that easily rises to 100 watts. Turn on the screensaver (graphics card CPU) and that can jump another 50 watts.
Actually, even some non-moving electronic parts have shortend life spans aka flourescent light bulbs. It doesn't mean however they are not to be turned off. Just do not turn them off every 15 minutes. Hard drives are the same thing. If you are not going to use your computer for more than 2 hours, turn it off. I state it is a non issue because turning off your computer 2 or 3 times per day will not effectively curtail its usage factor for the average individual. (Soundguy not included) It will become obsolete long before it breaks down from turning it off. If you've been out of it for 3 years, yes, further advances in hard drive construction have occured and what you'll see coming down the pike shortly will yet make hard drives even stronger. To have business computers not turned off at the end of the day with modern day computers is just a massive energy waste. Back up entities including remote preservation give little excuse for this not happening for fear of lack of boot-up. Updates can be given at specified times and there is software out there that will pass the updates thru upon boot up. I mean we saved $72000 with just 1400 computers being off at night in one years time. Imagine the savings if 5 million or more computers were turned off.
There are many misconceptions out there that people still cling to such as it takes more energy to turn on a light than to keep it on ( only true if yo do not plan for the light to be on for more than 3 seconds) or "why lower the thermostat, it will cost more for the house or building to come back up to temperature". Considering it will only take from 1/2 -1 hours worth of time for the space to be reheated, why leave the heat on for another 8-12 hours or more where the system will be forced to maintain temperature for that much longer. You'll use way more energy doing that than by turning the heat down.
The op did not give reasons for asking the question but if they included longevity concerns of the computer product or energy savings by shut-down, then on either field I would give a wholehearted recommendation of shut down based on my knowledge.