A friend of mine's monitor caught on fire and nearly burned the house down.
I lost a monitor (and a microwave and a breadmaker) when lightning hit a power pole near the house last year. The computer was off, but I had forgotten to turn off the monitor. Zaaap! When the thunder starts, not only do I turn off, but I unplug.
I turn the computer at home off when I leave for work. I turn the computer at the office off when I leave for home.
The theory on leaving it on is preventing power surges that occur during power up. I've owned PC's for 10 years and have turned them off daily with no symptoms of harm from such power surges.