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A recent Australian consumer agency study of a variety of consumer electronics products ranging from televisions to stereo systems to laptop PCs and DVD players, found that consumer electronics operating in standby mode are a major contributor to high power bills. Of the 16 electronic devices tested, the Playstation 3 and Xbox 360 were both represented.

The report advised consumers to switch off their electronic devices at the source, rather than just from the remote control, which puts them on power-consuming stand-by mode. "This saves on money, not to mention carbon emissions," it added.
Additional Note: To find out how much power your AC-powered devices are drawing in standby and run conditions, you can use a power meter like the P3 International Kill-A-Watt.
Source: Reuters