Hey Jason,
This should be no problem at all. It's safer than unplugging your components then plugging them back in because there's no chance of you sending a spike down the line.
The only reason that I haven't been doing this each night (until recently) is that my Dish receiver takes a long time to boot up, acquire signal, spin up the DVR and then download the programming guide. All I needed to do was switch the DVR over to one of the unswitched outlets on my power center. Problem solved. Now I power it down at night before bed and generally don't boot up again until I get home in the evening. This works great for the system that is connected to my PC as well!
Caleb Denison
Home Theater Guru
Aperionaudio.com