Personally I pull out the power feed wires out of consoles and machines I don't use. Why? Well everything that is connected keeps using some electricity, this is called leeching. See consoles and computers when hooked up have a small use of energy, tiny compared to when actually running but yes it uses some energy.
For instance the Wii has a 24h mode that keeps it on.. in a low energy mode.
I suggest to pull out the power plug or better use a power box with a on/off switch to simple power off fully if not needed. That way if a freak current happens your stuff is safe and.. well lets be fair it saves about $20 a year in the leeched current on your energy bill.
Really just power off and pull out the plug when not needed. It might not hurt the wii to be always on the juice but it is smarter to simple pull the plug.

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Press the button near to where you would put a disc in to the system. Press it for about 3 seconds and the color switches to signify that the system is turned off. The color should be a tint of red, or like what you said, orange.
You don't have to unplug it.
You don't HAVE to, but I would suggest it. It is a vampyre electronic, i.e. it sucks power from the outlet even when it's supposed to be off. If you're an eco geek, then unplug it. if you're not worried about the extra $5 it would cost on your electric bill, then don't worry about it.
And by the way, about the light: green is on, orange is off, and red means you just plugged it back in (you'll see it after a power outage too) but doesn't mean anything is wrong.
no you dont have to.
the orange light is to show its plugged in.
its not like it battery powered so it wont die or anything.
you can leave it in and it will be perfectly fine.
just watch it during a thunderstorm or something though if your power flickers. it may short it.
but i have always left mine plugged in and ive had it since the wii came out that week.
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