Well my machine is 5 years old and has been plugged in all the time basically.
I'd say constantly recharging would be more work for the battery therefor shorter life span so i say keep it plugged in.
I've heard it's better to let your charge go down all the way to zero at least once a month. There are a bunch of other threads on this, so you could search and find some.
Both istatpro and coconut battery are great for health monitoring but I prefer istat to be able to see all sorts of things. Turning off its Wifi-component is probably a good idea in Leopard by the way, as far as I know.
You don't have to worry about keeping your MBP plugged in. It's mostly the discharge/recharge cycle that wears the battery down. I may be wrong, but if the MBP is plugged in, it will run off of AC power rather than running off of battery and continually recharging it (if that's what your concern is). However, Apple recommends calibrating it every month or so to keep it performing optimally.