Recently I noticed that my chain is buggered through neglect...
Er, so don't neglect it. I do my chain once a week.
I have a bit of a theory about the chain maintenance and its the price of lube against the price of a new chain
Me too, by the time you count the labour aspect, the cost of kero and the cost of the actual lube, it's actually cheaper to do a 'quick and nasty' lube with WD40 and leave it that.
However, I'm big on home maintenance and would sooner spend $10-$15 here and there and never have to replace the chain in the time that I own the bike. The chain also looks nicer and the biker is cleaner, so it gives an impression that you like your bike rather than flog it.
The other thing to consider is that a change of chain and sprockets means the bikeis off the road and you have to organise transport to/from or else a loan bike. Easier just to clean it...