Interesting discussion topic.......
Firstly, I don't like leaving any electrical device in the on position 24/7 unless it's got a very sophisticated hibernation mode. I suppose it gets back to all those cheesy public service films we (kids of the 50's) saw in second grade where the house burns down because someone made an octopus connection with 12 devices and the Christmas tree, all going into one outlet, and then leaving everything running while the family all goes caroling!??....coming back an hour later to a pile of ashes!!! I know, it's not directly related, but those damn films set me up to be even more neurotic and more the worrier than I am genetically! (and I'm the guy that doesn't shut off the breakers if I'm doing residential electrical...oh well?)
Focusing on home espresso units, not commercial.......While we can all quantitatively discuss the "startup" current consumption of an espresso machine, it becomes a bit tougher to accurately quantify the damage to plastics and metals when they go through the direct or indirect stress of being energized and de-energized. The best we can do is accept repair labor and repair parts statistics; that's assuming you can find enough info to come to a reasonable conclusion. I've not seen, as was stated, enough information about seals, solenoids, etc., to convince me that our machinery cannot tolerate on-off cycling without component failure.....I just don't buy it. And as was stated, who wants to hold hot water in a boiler overnight? (this and other good points were included in HB's reply) Sure, you flush the boiler when you get back to the machine, but I can't think that's really good for the boilers?
I'm of the opinion that ideally, it's best to accommodate one's own particular needs. Using the S1, even in the economy mode where the brew boiler is energized first, then the steam boiler, for me, the machine generates too much heat to be left on in the summer. Beyond all that, my S1 only takes 15 minutes to come up to temp on both boilers; sufficient enough to crank out my first cappuccino in the morning. (20-30 minutes and it's fully heated) I use that 15 minutes to watch my wife prepare our breakfast! (Geeze......if she reads this she'll kill me!!!)

Truthfully, I use the machine approximately 3 times a day, max; breakfast, mid afternoon and sometimes in the early evening for ourselves and/or house guests. The other issue is having hot water components sitting there, waiting for someone to accidentally touch, etc. All you have to do on the S1 is tap the hot water button and you've got 200 degree water pouring out. With grandkids running around the house it's just one more hazard I'm not willing to introduce. If this were an office machine, then there's no question that the machine would run throughout the day and be shut off when we left. Not too many insurance companies would want to hear about how you leave a "coffee maker" on at night! (can we say "higher insurance rates?")
Best, Al