Grizzly and Cerberusiam have given logical arguments for changing the oil annually regardless of mileage.
Nevertheless, my personal attitude is closer to jelag and his tractors. I change every 3000 miles independent of time. So far, my longest time interval was November 2008 - January 2010 (about 14 months). Truck is always parked outside. During the winter I try to drive it once a week.
While the arguments for accumulating moisture in the crankcase are probably valid, I figure when I do drive it I go far enough and long enough to cook off any accumulated moisture.
The other issue with collecting moisture is, from where does the 1-year time limit come? I mean, how do we know 1 year is the magic time limit for "too much accumulation"? Couldn't it just as easily be 6 months if there are many temperature extremes during that time? What if it's 2 years? Where's the hard data that proves that going 1 year without changing oil that's only 1000 miles old is bad for the engine?
Used to be, the rule was every 3000 or 3 months, whichever comes first. When did we change from 3 months to 1 year?
-Ryan