it will not have much affect on the plants and if you use diy co2, it will allow the co2 to build up some while the light is off. But it can affect the livestock in two ways:
1) for those without automatic ph/co2 control it will mean more ph swings which can cause stress to fish
2) if the room is dark, it will cause additional stress. Fish do not have eyelid, if you all of sudden shine a 200 watt light directly on top of a dark tank. The fish will get stressed and hit the tank walls etc. So by turning light on or off more often, it will affect the fish more times as well. Of course if your room is well lid then that's fine.
On an unrelated note you should never turn on those high powered aquarium lights suddenly from a completely dark room/tank, always lid up the room first before turn them on and consequently dont turn off all the lights at once either.
Other than that, not much difference if you leave it on for 10 hrs, or turn it on for 5, off 5, then on 5...etc..