Is it OK to charge the storm overnight every night even if it still has half or more battery life? I read somewhere that every charge cycle wears down the battery more and that you should only charge the battery when it doesn't have much power left
Yes li-ion batteries have a charge life, and every charge brings it one step closer to it's end of usefulness.
Unless you're charging/re-charging every 15 minutes, I wouldn't worry about it. Plus the Storm's battery is replaceable, so you can always buy another.
Lithium Ion batteries have optimal battery life under these conditions:
1. Colder is better
2. 30-60% capacity
Phones that are always at 100% capacity will wear out faster. But realize this, RIM has sophisticated charging circuitry in these batteries. It is likely that the battery actually hold more energy that what a "100%" charge gives them to increase their battery life.