There are many factors that affect engine wear and oil life. My diesel generators used to get an oil change every 1000 running hours regardless of whether they needed it or not, but 20 years ago we started to use an oil test centre called "Kittywake". The oil changes were extended to between 2-3000 hours and articularly leaky engines never needed their oil changing, as they were continuously topped up with fresh!
The parameters we looked for in the oils were water content, fuel dilution, acid content and alkali reserve. Providing none of their limits were exceeded the oil was regarded as good as new. We also carried out monthly spectrographic analysis on the oil to see how much metalic wear was happening inside the engine. The oil sampling saved us thousands of dollars in oil, the spectographic analysis saved us from several catastrophic failures!
I remember seeing a couple of years ago oil sampling kits on the counter of one of the big car accessory places. The idea was that you filled a little bottle with with your sump oil then sent it away for testing. When the results came back they would tell you the state of the oil and wether or not you needed to change it. The only drawback with this system was the cost; I seem to recall it cost about twenty bucks! Only really worth it for synthetic oils as for $20 you can change your oil anyway.