I've heard that enabling the HDD power down feature in bios is bad
for hard drives? Their life (/crash) expectancy is shortened by
powering up and down frequently. Is this true?
Yes. Apparently most if not all modern hard drives have liquid
bearings. When they are rotating at full speed, there is no metal to
metal contact. On the other hand, apparently there is some physical
wear when they are spun up and spun down. I think you can get a
hint/clue by looking at the data sheet. I think you would look at the
mean time between failure (MTBF) and the power cycles, and do some
simple math.
Apparently that is especially true for like a 10,000 RPM Raptor or a
server hard drive that is intended to be left on 24/7.
With my first PCs, I enjoyed using the sleep mode. Nowadays,
especially with an operating system that I do not have to reboot
frequently, the hard drive runs for days at a time without power
cycling (being turned off/on).
Have fun.