I have several machines that have been on 24/7 for the past 6 years in my home-lab. I have others that I turn on and off whenever I need to use them. My main "daily use" computer was on for 3 years straight until recently.
All I can say is that different parts will fail in different ways based on whether it is always on or not. I think that overall, the maintenance issues are a wash.
Fans are much more likely to fail when the computer is constantly on, and if you don't stay on top of it, then the component they are trying to cool is at risk (think CPUs, GPUs, and some power supplies.) Dust ingestion is an issue with these computers too. Hard drives bearings are more likely to go.
When the computer is regularly turned on and off, then power supplies are more likely to start blowing caps (not terribly likely - just more likely), RAM and PCI cards are more likely to get lose with regular thermal expansion, and hard drive motors are more at-risk. A weak BIOS battery is more likely to reset the CMOS. The CPU can suffer from thermal stresses.
None of these are major, and the failures of one tend to balance out the failures of the other.
Electrical usage is now starting to be an issue, especially since I'm using notebooks more and more for everything but gaming and hardcore numbercrunching. My P3-based servers take about 70 watts when running. My main PC needs 150 watts at idle, and close to 250 when gaming. In SoCal where electricity is expensive, running an unnecessary 150 watts all day can really add up. According my my electric bill and my calculator, when idling, my 150 watt "main PC" costs 92 cents a day to run, or $27 a month, or $324 a year. If I go three days without using it because I'm using my notebooks, it's very wasteful. If I have 3 computers in the house that are always running, you can see how it really adds up.
So, keeping computer component longevity and electrical usage in the balance, I tell my clients to turn on their PCs during the day when they are going to use it, and if if they're likely to return to the computer to use it before the day is over, leave it on, and then shut it down in the evening/night. I'll generally set all the overnight maintenance stuff for just one night (like Monday), and advise people to leave the computer running overnight just one night a week.
My thoughts,
Llama