This is the method that I have decided to adopt.I just ride my chain and sprocket sets to the death with several thousands of miles on them, then change the lot.
.
I do clean the chain every now and again with kerosine and an blast it with compressed air which seems to dry it and blow out all of the dirt. I usually use Halfords chain wax to lubricate it.
As far as changing the component parts, I like flecc's method. The chain is noisy though, but I can put up with that.