The above was gained from reading forums. My personal judgement is the people saying the above know more about oil than me (they at least understand enough chemistry that my college chemistry doesn't see anything wrong, but I went into computer science so I didn't take more than the basic chemistry for engineers so it is possible that they are wrong on details.

One other point they brought up: every time you open the system to add or check oil dust gets in. Modern engines are generally sealed so this dust until it is filtered out (assuming it is) is doing wear as well. Long oil changes with no checking of the oil level are thus a good thing as well - so long as your oil level never gets low - low oil is far worse than any gain from not checking oil levels.