I have my PS4 set to enter sleep mode if it hasn't been in use for an hour, in case we forget to put it into sleep mode when we're done using it. The TV the PS4 is connected to is set to turn on when it receives an HDMI signal, and turns itself off after a few minutes of no signal. The result is that if we forget to turn the PS4 off when we leave, everything will go to sleep on its own... and when I get back the PS4 is just in sleep mode, so you just hit the home button on the DS4 and it all comes back up in a couple seconds.
PS4 sleepmode uses about 3 watts of power while just idle waiting, so turning the console completely OFF wouldn't save me much.... and I like that I can have my updates download while I'm away from home (while actively downloading an update or charging something, the PS4 power consumption is higher vs idle waiting, but still lower than if the system was active, and the PS4 will go back to 3 watts idle power consumption when it's done doing it's task).
My daughter has been told to just put the PS4 to sleep when she's done playing.... we don't turn the system OFF, just use sleep mode.