I take a different approach. I try and wash / clean my bike after each ride. This way I can inspect each part and access damage and wear. I lightly spray the bike with the garden hose and apply some Simple Green to any particularly dirty areas. Spray off the major crud and wash down the whole thing with soap / water and a soft brush. Dry and lube as required.
It may sound like alot of work, but my bike is now three years old and has been ridden and raced alot. I relube my wheel bearings, brake pivots, headset and drivetrain regularly and have had no mechanical issues. The only parts replaced in that time due to wear are brake pads, rd (it was an Acera) and one cable. Still using stock wheel bearings, head bearings and bottom bracket.
I understand the idea of not washing the bike until absolutely necessary; but there are other options that work.