While the beep and LED can be turned off, the display remains on. Unless I'm mistaken the display on the side of the camera uses a significant amount of the battery. Turning the display off would be a real battery saver. Since the display is useless when the camera is on a helmet or frame mount, leaving it on doesn't do any good.
The best way to go is let the display time out if no buttons have been pressed in... 5, 10, 15 seconds? If the camera is charging, the display can stay on.