Remember that the lube is sealed inside the chain from the factory. For the most part, what you doing to the outside of the chain with lube is keeping it from rusting.
It does help with sprocket wear also, but it's not like a non O-ring chain that wears internally..
My KDX200 came with a non O-ring chain, and I'd lube the hell out of it and still need to adjust it after almost every ride. I finally gave up on it and put an O-ring chain on it and went to adjusting it about 2 times a year.