Our club has around 80 members. The general consensus is not to get them serviced until a problem arises with it. We conduct regular Bubble checks at 3 metres. If you have an unstoppable free flow whilst kitting up don't dive until it's fixed. The yearly service is an absolute myth run by the manufacturers. Even my lds won't service them yearly. He just gives them a quick clean foc. More dives seem to be missed with just serviced regs. F1 cars are now much more reliable when they are not constantly stripped. Having said that I dive twins on deeper dives so I have a backup. But on shallow dives I use a scubapro mk10 which I bought in 87. That was last serviced 6 years ago. Do not hold me responsible if you die though. Always follow manufacturers guidelines. Etc etc. Don't get me started on O2 cleaning!
I agree that its a myth run by manufacturers to convince the LDS to sell their product dues to the spinoff of extra money from servicing yearly. LDS sells the reg and then convinces the buyer that its in their best interest and they may die if they don't follow the yearly service plan (as per manufacturers guidance). Also they use the argument that you have a lifetime warranty and "free" parts. It has ben my experience that all many LDS do is to wash the gear, test it and check for leaks and unless they find something wrong, there are no parts used for the "annual service", thus cost to manufacturer is $0, cost to LDS is time paid for by the buyer.
My thoughts are;
1. Given most regulator sets run quite happily for 4-5 years without a service (the cost yearly being in the order of $150. Thus $150 x 5 = $750. You could afford to buy a new reg set every 5 years and sell the old set on ebay for $100 and be better off.
2. If manufacturers are saying their regulators have to be serviced yearly or they will fail, it suggests that they have a poor product when we all know that regs will run 4-5 years ok or even longer? Its just a marketing ploy.
I have about 11 sets of regs and they are all about 8-14 years old. All have been serviced at least once. I have had one failure on a new oceanic primary regulator due to swarf found inside it from the manufacture process. I have had 2 secondary regs free flow with use, which were then serviced as a set.
After having a primary reg O2 cleaned by a LDS and a secondary reg O2 cleaned and serviced, to then have them fall apart with use at depth, I did the O2 service course, and am completing a Diver technician course in 2 weeks time and will do my own. If you care for your gear and become intimate with it (no not sleep with it), you get to know when something is not right before it fails. If you dive 10 times a year, don't take care of your gear, don't wash it or prevent water from getting inside it, simply throw it into a dark dusty corner after use etc, then yearly servicing is for you.
Now after belting some LDS about the head, I will say that there are genuine, honest LDS out there who charge fair prices and do good work. There are however dishonest ones who charge a fortune, do bad work, and laugh when they rip someone off (and I am familiar with some of them from experience).
Unfortunately when we all start diving we are very innocent and trust people who appear more wiser than ourselves. Its only with experience that we realise that not all people are being honest. For the LDS it is after all a business and they must make money to survive. Unfortunately the less honest ones use less than honest methods, and this reflects badly on the whole industry. Manufacturers also must make money so they use "Marketing ploys" to maximise profit. They see nothing wrong with their methods as after all its the buyers choice to chose or not to chose. For me its about morality and ethics and this is where there are many shades of grey unfortunately.
So for me I will be servicing my regs on a "as required" basis. I will take them to a LDS I trust, only if I feel its outside my expertise or knowledge.
Each to their own, after all its your gear and your life. Whatever you do, be satisfied with it and don't just be a follower. Make decisions based on knowledge and logic, not because the nice man at the shop who told you how smart you are, said you should get it serviced yearly or your head will explode.