Hi Brum & Nick
Simple answer is yes. Even if the odometrs do actually read correctly, it is likely that many of us are servicing more frequently than is strictly necessary.
The aviation, nuclear, marine and other high tec industries have for some time operated service schedules based on actual need established by measurement rather than on an arbitrary time or distance figure. The methods they use to establish if a service is necessary include listening for new or bigger vibrations when the equipment is running, others look at the fume or temperature content of emmisions. Oils can be checked for viscosity and particulate content. These are quite high tec solutions and rely on well know or controlled operating environments which is why they have not filtered down to the humble car in any great extent.
Obviously service downtime is very costly to them, and if parts are being replaced before they have been fully used then that is a waste of resource.
Some cars do now use techniques to monitor various items such as the quality of the lubricating oil, and it is likely that we will see more of these technologies being introduced, either by customer pressure, or Govt. legislation to reduce waste and emissions.
Until then, the car (and caravan) manufactures will suggest that service intervals should be governed primarily by distance travelled or time, and to take into account the people that do high mileages the intervals will be shorter than may be the case if measured wear was the arbiter.