I use the SRAM PC1 1/8" chain but, more importantly as you pointed out, I use the KMC Universal Connector 1/8" Chain Link (both from Evans). The latter is a 3 component link where the locking link does not go all the way around (the ends are about 1 mm apart). This allows me to see where the link is and it can be dissambled in seconds using a thin-nose pair of pliers. I then use a small flat bladed screw driver to push the locking link back on.
I have to admit that, initially, I was scared that the link might come flying off at any time (and carry a spare) but it has not done so for 2, almost 3 thousand miles. In fact, I've never had any kind of problem with the link at all.
Also, when I exchange the chain, I use a toothbrush and white spirit to clean the cogs (this is what takes the bulk of the 45 minutes). The incoming chain obviously also needs to be oiled.