A genius told me to power down nightly but I only restart when I'm having an issue. Specifically, jittery Angry Birds. Also, closing the Recently Used Applications prevents any performance issues I had.
Every few days unfortunately due to the battery life going to pot. When I notice my battery percentage is low early in the day I will look and the Usage and Standby times will be the same (4h 58m just now before I restarted). I have not been able to figure out what is causing this. I know that Walkmeter causes it; I suppose it leave the GPS running and drains the battery, but I have not used that (or any other gps/location services app) since the last time I restarted.
I restart mine every few days, not because it needs it necessarily it just makes me feel better knowing it has a fresh start every few days... that's been my policy for all my phones. It probably could go uninterrupted between OS updates.