This option is best when you step away from your computer for a short time because it allows work to be resumed almost immediately. Knowing a bit about the different power states of a computer should help you in your decision. For instance, if you open and close your laptop frequently, you don't want to have to reboot it completely each time.
In our opinion, the time for your computer to resume working is a bigger factor than the cost of electricity. If you decide to leave your computer on all day, we recommend turning off the monitor if you're leaving for more than half of an hour.