If you can enable it, "hibernate" is a much safer bet.
Hibernate is basically equivalent to turning it off, except that the memory and state is saved to the harddrive before it is turned off. Standby saves power instead of turning it completely off.
Vista's "sleep" is a hybrid of hibernate and standby. It saves the harddrive to the disk in case of power failure, then enters standby.
The technical community mostly agrees that if it's in use daily, keep it on. If, however, you are away for several days or longer, turn it off.
The hard drives especially are the most fragile, and will wear out a lot more quickly with repeated on/off cycles. Motherboard and switches are fine, though, they are designed to last.
I highly recommend turning off the monitor when not in use - it's a huge power drain.