Not terribly true any more. In fact, you're probably more susceptible to power surges if you leave it on, especially if you don't have decent power surge protection.
Really, whatever you want to do is fine.
This is a valid point- although "surge protection" is not an adequate phrase. Brown conditions can do as much damage as surges. One must have an Uninterruptable Power Source (UPS)- a battery which acts as a power dampener of sorts, and supplies clean power to the machine all the time. Especially for always-on machines, surge protectors are not enough.
I keep my computer on all the time except when I use it