I can't give evidence by way of KWH used, but with my A/C, I used to turn it off and then crank it when I got home. It took so long working at full power to make the house comfortable when I ran it that way that I started turning it to about 82 during the day so the house doesn't cook and turn it down a bit when I get home.
My educated guess is that it might be a little cheaper to turn it off during the day, but I'm not really sure about that. I think your comfort level is the more important consideration, if you can stand the elecric bill. To really determine which mode was cheaper, you would need some way to measure/record KWH usage on days with outside temps as close as possible, while operating your A/C in the each mode. Try taking readings on your meter each day at the same time, with exactly the same other appliances on each day and you should be able to tell which modes is actually cheaper.
At the condo I manage, I keep the temp just a degree or two below the level where people complain about the hallways being too warm. Then if they do complain, I turn it down and then slowly turn it up again. It's a fine line between economy and comfort.