Originally Posted by DustyDisks
Yes.
Hold the power button for a second or two will do it a menu will appear and ask you what you want to do.
Edit: Even if it is sleeping if you have your wifi on it will keep running and apps like mail will check for new mail. Same with other apps that check for updates, they will do it even if the firehd is only sleeping. Turning it off is off and all apps and radios shut down.
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