I usually don't switch off ipad [just put it in hibernated mode so that it remembers context].
But it loses charge overnight. Should I set to airplane mode during the night?
PS: Is there an app which will set the power conservation mode?
I simply leave mine connected to the charger all night so that it's fully charged the next morning and ready to go. But, yes, I guess setting Airplane mode would turn off the 3G and WiFi.
But have a look at Apple's official advice on saving battery power