I follow the advice in the Thorn literature somewhere, to replace chain and replace or flip the sprocket and chainring at the same time. I do this when it all starts to look worn, I don't see the point in measuring the chain on a single set up, the sprocket wears at the same rate (Is worn by the chain) and you can see that without the aid of tools. Usually there's enough wear to warrant a change within or around a full throw of an EBB, if not I'll add a link or half link. I'm more likely to do so if it didn't start an the maximum extension and on the older Mercury's mini EBB I'd do this anyway. There's also some chains that "stretch" an extraordinary amount in the first few hundred miles, I don't know why that is, some kind of bedding in maybe, I'm sure it isn't wear, I'd add a link in that circumstance. There's plenty of other factors, not least the expected bike usage, and I'll sometimes change before entirely necessary because I'd doing a service and it's unlikely to last till the next.
I don't buy into the idea of the chain being expendable to protect the rest of the drivetrain - You'd have to consider what you're buying to work out if that's for you. I'm using the KMC e1 chain originally designed for Rohloffs, I stocked up when they were on offer for £18 but I've seen them for up to £30, I'm undecided if they're worth it, but they are very good. One side of a chainring is £22 and half a sprocket £11, even without the faff, it isn't clear cut. Neither is the engineering case as clear as it is with a derailleur. Yes we all know that worn chains wear the teeth on a sprocket, but so what? If they're wearing at the same rate, which on a single set up is likely, they'll still work well many miles after a derailleur set up has been scrapped. There's some pictures on here somewhere of a sprocket almost worn away and it was still functioning. On a cassette, the problems arise from uneven wear, the chain and most used sprockets wear together and when you move it over to a lesser used on it rides up the teeth and skips.