Is there a control or option to set to power save ? On my Canon if you left it on for more than 5 minute it would shut down ???

Not on this one. After a few minutes in STBY, the heads will stop spinning to save head wear, but the cam does not power off completely no matter how long you leave it in STBY. Some smaller consumer cams do shut off, though.

That's probably a good thing if you use this camera in a multi-camera live switching setup.

Yes, although I think the auto shut-off in those that have this feature is disabled if there's not a tape in the cam.