I normally do pre and post bench test on the regs that come through the shop for service. I do this in part to identify any potential problems before I get started with the annual service, in part to identify how they are performing so that if the customer is happy with them that way, I can duplicate the inhalation resistance etc before returning ti to the customer, and finally just to compare the reg's performance in realtion to any potential problems that are found.
I had a regulator today that came from a 20-30 dive per year diver that past the pre-tests with flying colors. But after taking it apart there were two problems with the reg that would have resulted in problems shortly due to the effects of silt and sand on two of the o-rings.
I have also had regs fail a flow test and require service after one tropical trip where the owner got a little careless in the dunk tank, failed to rinse the reg at all, or got a rental tank with water or rust in it.
On the other hand, I also see regulators that come in after a year of hard diving that still perform within limits and also look good when disassembled. So it all comes down to how well it has been cared for and what type of conditions it has been exposed to.
Normally an internally dirty first stage will show up on a bench test with higher than normal intermediate pressure (5 to 10 psi), but unless you know what the pressure was when last serviced or unless it was set near the top of the range and is now out of range, you won't know it is higher than it should be. Intermediate Pressure is like oil pressure in a car - it should be a very steady thing and any change indicates a problem. If you are considering skipping an annual service, you should at least check the IP. You can find IP guages that attach to a low pressure inflator hose for not a lot of money or you can make one yourself with a wal-mart or hardware store air pressure gauge (the kind intended for small compressors and tire filling tanks), a 1/4 npt to 1/4 npt nipple and a 1/4 npt to quick disconnect adapter from the local dive shop for about $20.00. This will help you measure the IP, monitor it for IP creep (indicating a faulty HP seat) and allow you to check for excessive needle "swing" (indicating a clogged filter or internal problem) when the reg is purged.
A slight freeflow from a second stage is also another sign the reg needs attention. It may be due to wear on the second stage seat or it may indicate a problem with the first stage.
If the reg breathes harder than normal that is also an indicator that it needs work, may have a clogged filter, etc.
Observing the filter itself can be a good indicator. If the filter is green, it indicates corrosion and possible water contamination. If it is reddish colored, your reg may have been adversely affected by a very rusty tank. If the filter is black looking, it may have been exposed to air from a faulty compressor and may have an excessive amount of carbon in it. All of these would be an indicator that the reg needs serviced.
We will often do flow tests on regulators for owners who do not want to pay for a service and they will confirm the reg is operating ok at the moment. But, as demonstrated above, they are not full proof and a successful flow test on a regulator today does not guarrentee it will not fail a month or two down the road.
With some designs, skipping an annual service is just not a good idea. Dacor Quantums for example tend to hold salt water in the ambient chamber and will consequently be more prone than usual to corrosion unless they are carefully and thoroughly soaked and rinsed after every salt water dive. A years worth of salt buildup and corrosion is not a big deal, but two years worth can cause serious performance problems and get expensive for the owner if pitting results.
In my opinion, saving money on regulator service by skipping a year is usually a bad idea and often does not actually save you any money in the long run. This is especially true if your reg decides it wants to have a problem on the first or second day of your next week long dive trip.