You let them dry for a variety of reasons ... promoting healthy root structure is one, to assist in oxygenation of the soil is another (again, for the roots) ... I don't know that they like to be starved for water because they start to wilt relatively quickly (meaning they no longer have adequate water for normal processes) but, I do know that keeping the soil moist at all times is a mistake. I suppose it depends on your definition of 'starved.'
Personally, once I'm pretty sure the soil is completely dry I leave them anyway - assuming that the soil has recently dried out that is. Over the years I've learned to read my plants very well and I can tell when they're getting to the point where wilting is in their near future. Wilting I don't want, so I water them then, filling the containers until water comes out the drain holes, i.e., thoroughly 'soaked' soil. That works well if you can check on your plants often, but if not, I water them as soon as the soil dries out. When I do leave them, 12 hours is about the max I'm comfortable with anyway. I really hate to see precious energy wasted on wilting etc. and I don't think it is at all good for the plants. The bottom line comes back to 'soak and dry.' As long as you water thoroughly at watering time and wait 'till the soil dries out completely before watering again, you will no longer need to worry about over or under watering your plants again. If your plants develop a problem, it's not a watering issue ... now, about those nutrients ... LOL