The question is, does a drive last longer spinning continuously, or periodically spinning it down if it will be idle for a moderate period of time. I don't disagree that if you are spinning the drive up and down dozen or dozens of times a day, it is going to be a lot higher wear than never spinning it down.
What about if you are spinning the drive up and down only 2-4 times per day. That is potentially a lot less time on the motors, but also probably not significant wear caused from parking and spin-up.
As for power consumption, looking at most tests, it looks like a typical 5400/5900rpm drive uses around .5-1w with the drive spun down and 4.5-5.5w. 7200rpm drives are about the same spun down, but about 5.5-7.5w when idle.
Sequential read and write generally doesn't increase the idle figures by much, maybe just 1 or 2w. Random I/O is more on the level of 7-10w depending on 5400rpm/7200rpm.
I will certainly grant a spin down time of 10 minutes is probably a bad thing if you have moderate access patterns. It might not be a bad thing if you have very infrequent or very frequent access patterns. In the former, you just aren't going to be hitting the drive(s) much to cause spin-ups, so spinning down quickly is a good way to save power. In the later, the frequent access patterns are generally going to keep the drives spun constantly until after whatever "work day" access is done.
If you have moderate access patterns than having a 1-2hr spin down time would probably work.
Or at the very least, spin the drives down at the end of any reasonable time.
Example, I basically never use my server between 12:30am and 7am, so I have the server go to S3, which also means drives parked, from 12:45am to 6:45am.
If you have a lot of drives, or even just one, if you are going to keep it for a long time, you might save a fair amount over the life of the drive. $2-3 a year letting the drive be parked half the time certainly doesn't seem like a lot, but it can add up.
Anyway, frequent parking is certainly bad, periodic I think is possibly actually benefical.