Yes, there's really no reason to turn the Kindle fully "off" unless you're not going to use it for a long time (weeks), it's crashed, or you have to specifically turn off all electronic devices as on a plane during takeoff and landing - though even then, I highly doubt that the Kindle would cause any problems with wireless off, but if you're going to stick to the letter of the law!
The power consumed by having to reboot the operating system whenever you wanted to use it is likely to be no less than the power consumed while it's in sleep mode, assuming you're not leaving it off for very long periods, and makes using the Kindle far less convenient. Best bet if you're concerned about conserving battery life is just to turn wireless off -that does have a significant effect.
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