There are benefits and drawbacks to either philosophy.
All things considered, it's best to leave a pc on all the time.
Why? Back to the car analogy. When you start a car a sudden surge of power goes through the car, the engine cranks harder and the starter motor, which really isn't designed to handle that much abuse, is put into overdrive to generate enough juice to start your car. The less you start your car, the longer it'll last. Unfortuantely for cars, we don't have this option to leave it running. We eventually run out of gas.
Computers, on the other hand can be left on 24/7. The only wear it'll cause on the computer is moving parts that are constantly running... namely fans. But fans are like 5-20 bucks so just replace them every few years and you are good to go. Aside from the extra strain put on your powersupply, silmilar to the car starter, extra strain is put on every single electrical component in your pc, including cards, your motherboard, and especially your harddrives/ cd drives.
You see to detect hardware your pc sends full voltage through it for a period of time as opposed to signal pulses it gets in normal operation. Harddrives and optical drives need full power sent you their motors upon startup for them to be detected as well. Basically every boot strains any resistors and caps on a circuit board and strains any motors on a disc drive.
If you have an energy star compliant pc then keep it running 24/7. If you have the monitor set to shutdown after an extended period then the power consumed by the average desktop pc is less than a 60 watt lightbulb. You can further conservation by having your harddisks power down when idle for several minutes. I wouldn't reccomend sleep mode though as it never works right.
My pc has been up for about a month now. I do power it down about once a month though to save the fans a little. With that being said when it is powered down, it's down for the whole day. A rest means a rest.
Which brings me to my final point:
By once a day do you truely mean ONCE a day?
Even if you don't agree with me, a pc should never be turned on/off more than maybe twice a day. Because that's hard on the computer AND wastes power. It's be like driving a block in your car, stopping at a store and turning it off, starting it agai 5 minutes later, going another block and stopping... ect for hours at a time. Moderation is the key regardless of if you wish to keeep it on or off in it's resting state. Just don't switch between them constantly.
