I'm aware that if I want to turn the magic 3.1 off, I have to hold reset down for about 8 seconds. But if I want to turn it back on, do I have to do the same procedure? Also, if I have to keep turning it off and on in order to play online, will all of that eventually burn out a fuse? Would gladly appreciate the advice.

bump

No, to turn it back on, just put it back into standby and then go into the desired mode.

thanks moddogs. One more quick question. If I turn off the chip, will it remain off until I turn it back on, or will it turn back on by itself on the next power up?

The chip will remain off, until you put the system back into standby or if you hit the main power switch on the back.

If it's disabled and you tap reset, it will remain disabled.