In my opinion, depending on how,when and where the equipment is used should be an important factor when deciding service shedules. As Graham as stated, using a risk assesment is a great idea to save a little cash, time and allow us to turn more attention to higher risk equipment.
But could you stand up in court and convince the necessary people that the equipment has been "looked after properly" even though the recommended manufacturers service period had been ignored?
Would the manufacturer advise their service engineer to perform a PM on Vent A more frequently than Vent B because its used everyday and Vent B is only used once in a blue moon?
As my boss always says. Just do what the company would do, thats what the customer is paying for!