This subject comes up regularly. Everyone has their own system, nobody can prove their method is better than anyone else's, and different methods may be better for different conditions.

After reading a bunch of these threads, I've settled on a "less is more" approach that emphasizes keeping the chain dry and clean. For lube I use Prolink Gold, but only every few hundred miles, not every ride. I apply it and wipe down after riding such that the chain is dry before going out the next day. And I wipe the chain down after every ride (or maybe every other ride) with a dry rag to remove any dirt I've picked up along with any lube that has oozed out. Dry and clean.

I started this with a new chain and clean drivetrain, and after 700 miles, mostly on packed-limestone rail trails, it's sparkling clean. I don't think I'll ever need to degrease, because the chain isn't greasy and doesn't pick up much dirt. But if I do, it will be with a solvent that doesn't leave a residue such as mineral spirits. Simple Green seems to be popular for degreasing, but it will never touch my chain.