Thats stupid, rubbish and bad!!! There are several reasons why I think so.
1) If a wheel bearing can be ok one year and have excessive play in it the next, whats it going to be like a year later? probably a fatal accident. This also applies to ball joints, bushes etc.
2) There are so many people on the roads that will hear a funny noise, and if the car seems to drive ok, will turn up the sterio and ignore it. do that to a set of brakes that are worn down to the metal for 18 months and see what happens.
3) Corrosion. What may be a solid chassis one year could be like swiss cheese the next. Leave it another year and the vehicle probably will literally fall apart or collapse on itself.
I think it is far safer to leave it as a 12 month routine.