Worth noting that, depending on your computer, leaving it on 24X7 can get pricey; at around 120W idling, assuming you use your computer 8 hours a day (that's assuming you work 8 hours a day and spend most of your awake time at home on the computer), it adds up to 16X120W = 2KWh/day. At what I pay for electricity that works out to just shy of $7 a month. Sleep would save a little more (unlike previous towers, the G5s have some sort of hard switch so they use nearly nothing off, but about 10W asleep), but it's not nearly as big of a difference.
Personally, environmental concerns aside, $85/year is enough reason alone to put my G5 to sleep--that's a 250GB hard drive for the few minutes of cumulative inconvienence. Not as big a number with an iMac or laptop, but it's still money.
As far as wear-and-tear, if the drives are awake all the time, then it's probably a little harder on them being on 24X7 (not as bad as if they were being accessed 24X7, which most consumer drives apparently aren't built for, but they're still hot all that time), but most people sleep the drives periodically anyway, so it's the same. The only other moving part is the fan, which is definitely going to last longer being turned off 2/3 of the time. Nothing else really "wears out" one way or the other, so it doesn't matter one way or the other.