Lets face it,
your whole airframe passes every 100 hourly/annual 'on condition' anyway. The sum of the parts is only as good as the attention to detail.
I've seen 'owners' approach on condition in a couple of different ways recently, and the results have been surprising. Being able to fly both aircraft, and note the differences in performance/oil burn etc has been quite interesting. The performance drop off on the 172 in q has been amazing to see, as its oil burn levels.
Some say running them on condition will cost you in the long run, some say it won't if you handle it with a management plan, (which in my opinion should have been implemented at hour zero). The well managed ones I have flown, you wouldn't know.
No different to anything mechanical really.