It's nice to note what the heater manufacturers say vs what the engine manufacturers say here:
http://www.reiffpreheat.com/FAQ.htm#QA3
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Here's what Continental and Shell Oil have to say on this issue:
The manual for the Continental IO-550 says "WARNING: Do not leave engine mounted pre-heater systems on for more than 24 hours prior to flight. Continuous operation of engine-mounted pre-heater systems may result in aggressive corrosive attack to the engine internally."
Shell Oil staff research engineer Ben Visser says in an Aeroshell ad on the benefits of preheating : "One final note of caution: Do not plug in a heater and leave it on for extended periods of time. If you have moisture in your oil, the heater will increase the vaporization of the moisture, which will condense on the cool, nonheated engine parts and increase rusting."
Notice neither Continental nor Shell make any distinction as to the type of engine heater used (multi-point vs. oil heater only), or whether an engine cover is used or not. As stated above, I think logic tells us that these are important considerations. Mr. Visser seems to acknowledge this in a later article in Cessna Owner magazine, July 1998: "Oil pan engine preheaters - these are fine if used before flight, but do not leave the units plugged in. These units will gradually evaporate moisture from the oil, but the rest of the engine is still cold, so you end up with a humidifier cabinet that will rust the bearings and other engine components."
The bottom line is, you should evaluate all the above information and weigh the risk of corrosion against whatever benefit you may realize from leaving it plugged in.