for the most part, it won't do any damage to just continually put the computer to sleep. it's what i do too.
it's a good idea to turn it off for a few hours (i turn mine off overnight every now and then) every month or so to give some of the components a break. i'm not sure exactly why, but one of the techs at my work suggested this, citing that it would extend the lifespan of the computer. (i work for an apple reseller in australia)
also, although it may not show up on power meters, your mac uses approximately 1w every hour when asleep.
not very much, but if you turn it off every night instead of sleeping it, you'll save about $300 over the course of the year in power bills! (at least in australia, you'll have to do your own calculations)