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First off, no, not really. It really only uses batteries when you turn the pages (if I understand correctly. I would, however, turn it off if you are putting it in a bag or something of that nature. .
In default Sleep mode, the screen shuts off after an hour.
One important thing to note - the slider at the top actually only puts the device on Standby. This is all fine, the battery lasts for a long time. But if you aren't going to pick your device up for a month or more, you should do a full shut down, otherwise the battery will slowly drain (very very slowly, but it will). I've actually never fully shut down my Reader, I just use the slider and charge the unit every two weeks.
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