I run mine 24/7, cause I can't stand waiting for my system to boot. As trivial as that sounds, but I am also running Folding@Home and like instant gratification when I want my computer.
The processor shrinking/expanding is quite urband legend and I have never seen any technical info showing 'scientific data' to prove it's validity.
If you're the kind to constantly go to your computer, then away, then back, I suggest leaving it on. If you are a get on and work for 3-4 hours then not touch it again the rest of the day or are on the extreme wing of energy conservation, I'd say turn it off.
You could also do a happy go between and try sleep modes or hybernation after an hour or so (time dependant on how often you access your rig).
What you do is really a personal choice, but you're not going to kill anything by leaving it on OR turning it off.