My bike is a 2006 (or 2007) Trek 1000; in the grand scheme of things it is no big whup. But, I've had it now for about 8 years and would like to see how far I can go with it. I am truly a recreational triathlete, and I cannot justify spending thousands of dollars on a new bike. Preserving this one for a longer amount of time will help ensure that I am not in need of a bike due to the complete mechanical failure.
One can generally improve the longevity of a bike chain by cleaning it after every ride. This is a challenging task, and I am fond of ignoring this essential maintenance item. After hours of accumulating road dirt on your chain, the dirt particles will increase the natural breakdown of your chain and the gear teeth on your chain-rings. My chain-rings, and chain, were the original that came with the bike; they were in need of replacement. In addition to wearing down the gear teeth, the individual rollers on the chains had become loose around the pins, leading to excess give in the chain. The final result was a replacement of my chain and chain-ring.
Though I haven't made the investment yet, I have heard of great tools to clean the gears after each ride. Using and old rag and some spray cleaner while hand-pedaling on an upside down bike isn't always the most fun things to do.
Cables for my brakes and gearshift were also replaced. I had performed "underway repairs" on my back brake cable, leaving it functional but very loose.
I doubt there was much improvement in my speed because of the upgrades I made during my bicycle's check-up. I do however believe it is an important part of keeping your bike in racing shape; allowing more racing on the same bike for a longer period of time.