From Paul McGowan, founder of psaudio.com....
If you switch off the power to your equipment day in and day out it won’t last as long as simply leaving it powered on. Why? Because the inrush current to charge your power supply up takes its toll over time – while steady state power has no such problem. Your electronics take a small thrashing every time you plug and unplug them from the power.
I think the myth that products wear out started with tubes and mechanical devices like turntables, CD transport mechanisms, hard drives etc. (because it’s true in their case). But a purely electronic piece like a power amp or preamp are better left powered on at all times – with but few exceptions.
So, keep the lights on with your equipment – it helps everything live longer and sound better.