The on/off switch is a complete interuption to the mains input to the TV. If the TV doesn't switch off within a few seconds of using it, then there must either be a faulty on/off switch or the button you are pressing is not hitting the shaft of the switch to depress it fully.
Note: If you switch the TV to standby before pressing the on/off switch, then when you switch it back on at the switch, you also have to switch it back out of standby too.
There is a problem with one of the recent Panasonic models (PL range, I believe), where it may not switch out off standby every time. There is a modification to these sets to cure that problem.
Cobweb, November 2004