Phc7006: For the power adaptator, evey hour plugged erodes its life expectancy. Again, some adaptators have a 10 years life expectancy, some only 2...
timppu: Hmm, I've yet to have a laptop power adaptor die like that, even from the oldest laptops I have. One adaptor died, but it was a mechanical failure (the cord became broken/loose, I had apparently twisted it to the wrong direction when I disconnected it and packed away, all those years). Those adaptors have mostly been charging 24/7, at my work for example.
I personally don't see any reason not to have the laptop power adaptor plugged in all the time. Constantly plugging it in and out probably kills it mechanically faster than keeping it connected all the time ever could, and it is probably the easiest component of a laptop to replace anyway. :)
Well, it's going to depend a bit upon the quality of the power coming in, but I don't think that I've ever personally witnessed a power adapter failing.
Power converters, OTOH, are a different matter, and those probably do fail after a while due to the way they function.