You should standby off it because your WiiConnect24 will be off too.
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When the Wii's power light is yellow, it means that the system is off (in stanby mode) but will receive data over WiiConnect24. The console will receive messages while it is in this mode and will turn the disc tray light on if it receives any.
Disconnect
Keep hold of the big button in the middle with the green x until something comes up and press disconnect controller
It's a Part of the Wii that always stays on unless it has no power or is in RED mode. It basically just receives feed from the internet like Wiimails, Mariokart tournaments, update checks, shop channel updates, etc.
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