I think the OP has a valid question.
He asked for specific examples to try to make an informed decision, and there have been precious few examples posted where the benefits saved by PM outweighed the cost. I think an infrared scan is be the most bang for the buck and the least disruption.
I also think there are some things that definately should be done.... operating large switches, breakers etc.
It is certainly not on a par with changing the oil in a vehicle's engine, and I doubt seriously there are too many large frame breakers laying around on the occassion of PM, that wouldn't be laying around anyway.
Sure, there are those who make a living doing this stuff, and sure there are hacks, and one more sure... you'll find stuff, you'll find a whole lotta nothin too. How many of you would be so willing if
you were paying the bill?
Dollars spent doing PM << Dollars saved doing PM... I wouldn't bet the rent on it.