I remember reading that Apple recommends that you don't keep the laptop plugged in for long periods of time. They say that the way to get the best battery life is to charge it overnight, use it unplugged during the day, and plug it in at night when most of the battery power is exhausted.
With that said, though, I have an iBook and my wife has a Powerbook from late 2002, and we both will keep ours plugged in for days at a time sometimes, and when we unplug it, we rarely drain the battery before plugging it back in. If we've lost any battery life, it isn't noticable.