WD40 cleans by attacking the metal, do not use it on good-condition bearings! It will degrade the finish on the balls and races, which means more friction. It's great for crappy old bearings that you just want to get moving again, though.
I cleaned my bearings a month or so ago for the first time in about a year. When I had Octona I'd clean my bearings about once a month, when I put new wheels in usually. I had all the stuff ready to go so it took me maybe 15 minutes max, so why not?
I remove the shields and use a Sonic bearing-cleaning tub/jar thingie I've had for about ten years, with some mineral spirits/paint thinner in it. That breaks down the oil and flushes out most of the dirt. Next I use some soapy water for a second rinse, and then spin the bearing under running water for a really good final rinse. Then I blow most of the water out and finish the drying with a heat gun.
Then two drops of some lube a friend of mine makes (ex-co-owner of Stay In-Line, the shop that Octona replaced), put the shields back on (after wiping them clean), and voila. Having a shield on the inside of the bearing is useless, btw. It just makes cleaning harder.
I too had a set of Bones Swiss that I skated forever, about 3-4 years as I remember. They're pretty much the gold standard for skate bearings. They seemed to actually get faster with age. I was pretty careful with them though, cleaned them regularly and avoided grass/mud/puddles/etc.
Right now I'm riding some Crap Ceramic prototypes that Isaac hooked me up with. After my Swiss finally died in 2003 or so, I rode whatever cheap ABEC-whatevers we had at the shop, and in the last couple years I've ridden normal Craps. I immediately and still notice a difference with the ceramics, even after a year of not being kind to them as I tell myself I'll just swap the balls into new races when I need to. It's a shame that a ceramic bearing wouldn't do well in our market. The Bones Ceramics are amazing too though.
The ILQ-9's that came in the Nemesis-gen K2's were great too, when the Schrijns went on sale at K2 we snatched up a bunch of pairs, swapped out the bearings for ABEC-5's, and sold the ILQ's to speed/fitness skaters for about what we paid for the skates

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