Even if no processes are running, the RAM will need to be powered - just like the difference between suspend and hibernate on a laptop, so it will slowly leech power. On a day to day basis, this might not be much, but if you were going to leave it for a week, power off would be better.
I have found that the battery life is fine with using sleep rather than power off if I am reading daily. I seem to need to charge about once a week or so, which is not so bad (I haven't measured this though - and I am always suprised at how infrequently it seems to need charging). In my experience, the bigger impact is turning the wifi off when you don't need it.
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