That used to be called an energy saver when the fan was off
with the compressor but the fan in the off position would pull a little more juice when they both started at the same time. I haven't seen too many wall shakers with that option lately. The advantage in having the fan go off is
what you already know. You can hear the T.V. The fan on all the time with the vent door open gives you a little more outside air in and a little more inside air out.
Bottom line. Makes no difference.

What he said, plus a few other possible considerations:
-Some like constant air circulation, and having air moving might allow you to feel comfortable at a warmer temperature, actually saving energy.
-You'll get better humidity control if you have the fan set to cycle rather than run all the time, because when the compressor shuts off, if the fan keeps running it re-humidifies the air to a degree by pulling air through the wet and no longer cold evaporator.
-On some window units, having the fan cycle on and off can be a problem because the thermostat sensor is clipped to the front of the evaporator, which works okay when the fan is running, but when the fan shuts off the thermostat picks up evaporator's built-up coolness and won't turn the unit back on until the room temperature has gone way up. But this may not be a problem on your GE unit because the thermostat may be on the wall. And some newer window units address this by having the fan run for a time after the compressor shuts off - some even go so far as to turn the fan back on for a while every few minutes to monitor the room temperature.
-The cycle setting is good setting for times when you're away and want to maintain some minimal level of cooling (say, 85 degrees) that may only require the compressor to run very rarely.
-Some people are less disturbed by constant noise than intermittent noise -- then you can just turn the TV up and leave it up, rather than having to turn it up and down in response to the unit's on and off cycles.

Thanks guys! With what you said, I am going to give it a chance on the Cycle option.

I have a cieling fan in the room that is circulating the air constantly so I don't need the AC unit to do that.

I would like to keep the AC unit on all day during the hot at a higher temperature like you mentioned, the only reason I haven't done that is because the fan would be running constantly. Now I won't feel as bad doing it.

thanks.. I want mine to go on when the wall thermostat heats up the pipes above the ptac unit and off when the boiler shuts off and the pipes get cool.How do I accomplish this if my sensor is just working off of ambient room temp? My room thermostat does this already. Should I relocate the sensor right over the heating coils that run over the top grill? OR... get a sensor that can do this? THANKS