There's probably a reason why manufacturers offer warranties that range from 1 to 3 years.
At work we leave our LCD monitors with power on in standby mode all the time and in 6 years the only problem I've ever seen in any of them is a failed powersupply. The screen image on these units is as good as when new.
The only problems I've ever had at home with a number of CRT monitors has been one second-hand unit that failed completely and an intermittant high pitch "whistle" on cold mornings at startup. I believe this is generated by the internal power supplies and is typical of low end components. (at home I'm a cheapskate and have bought the lowest price CRT monitors I could get) Anyway, as to the question of leaving things on or turning them off for maximum service life, I don't know the difinitive answer. Can only suggest that leaving them on MAY be the better option. I base this on an experience this week with an incandescent light globe in my living room.
My wife advised me that when she turned it on it flickered a little. It was working right up until I turned it off. Tried immediately turning it on again but the bulb was blown.
From this I would surmise that an electrical/electronic component may continue to function even in a weakened state as long as stable voltage/current continues, but that weakened component is likely to fail under the added stress of a "startup".
Of course it could be the lamp was blown but just didn't know it.
I used to have a signature but it disappeared and I just couldn't be bothered writing another so please feel free to ingore this.