Hibernating is turning it off, the difference is that it restores the state of the OS instead of having to boot from scratch. Standby puts the machine into a low power consumption state. Hibernation is superior to standby for power savings and equal to shutting it off. And in my experience, standby isn't very reliable (usually forced to do a clean boot when it fails on start up), and resuming from hibernation is much faster than a clean boot.