Found this blogger who received this response from Gateway:
The major determinant of an LCD monitor's lifetime is the CCFL (cold-cathode fluorescent lamp) backlight. The CCFL has a phosphor coating which very slowly degrades over time, reducing the strength of the backlight and hence reducing the overall brightness of the display. Most LCD panels have a backlight rated in the tens of thousands of hours of operation (specific rating depends on a variety of factors, including size of the display). When the user turns off the display, the phosphors in the backlight are given a "rest" while it's off, and hence the lifetime of the display could be slightly extended.
A better recommendation is to use the built in power savings functions in Windows XP and Vista. You can set the power settings control panel to put the monitor into standby after a predefined amount of non-PC usage (as low as 1 minute). This will cause the monitor to go to sleep after the timer expires. Another means of saving energy is to put the PC into standby (aka sleep) manually when it is not in use. This can be done from the Start menu on XP and Vista. By the way, all of our shipping monitors that are 24" in size or less consume 2W of power while in standby. In the off state, they consume 1W or less. These conform to Energy Star guidelines.
http://tech.yahoo.com/blogs/null/97819