It depends on how long you are not going to use it. I would recommend that if you are not going to use it for more than 24 hours then to shut it down.
Otherwise, leaving it on Stand By is best.
Stand By prevents sudden surges of power going through your PS2 (or TV, Video, etc) - i.e. it keeps a steady current going through it. If you were turning it on and off many times during a day then you could possibly do harm I guess. So instead you knock it on to Stand By.
But also you shouldn't leave it on Stand By unecessarily.
As I said, my general rule of thum is if it's gonna be longer than 24 hours then I'll shut it down.
- S
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