It's like turning the car off to save gas. (The rule of thumb there is if you're going to be gone for more than 60 second, turn it off - it takes about as much gas to start as it takes to idle for 60 seconds.) If the phone is going to be off for more than about 5 minutes, turn it off. But less than that won't save much battery, with the constant reloading the OS and the startup apps.
If the phone is rooted, you can use an app to turn it off, saving the power switch, but as hallux said, that's about the only thing you'll "wear out" - turning the phone on and off doesn't involve any other parts that wear out.