My reel maintenance is pretty simple.  Depending upon how much I fish, once or twice a year I take the reel spool off and look at the inside of the reel.  Usually, there is some grit imbedded in the reel lube.  I wipe off the grit with a clean cloth and re-grease the reel.  I make sure all of the gears and metal-to-metal contact surfaces are greased.  Before I replace the spool I check it for grit, clean it, and grease it.  When I put the reel back together, I pull some line off of the reel to make sure the spool is turning smoothely. 

During the year, if you notice the reel spool not turning smoothely, it's time to clean and re-grease the reel.  Sometimes you will lay your rod down and dirt or sand will get into the reel.  When you pull line off of the reel, you can tell dirt has gotten into the reel because the spool is no longer smoothe.  Then it's time for another cleaning.

Just something that I discovered today.  My brother went to Pyramid Lake about a month and a half ago; I couldn't go because I was sick.  He borrowed my reel.  After he got back, I checked the reel and it seemed fine.  Today I was going through my equipment and took out the same reel.  It wouldn't even turn!  I'm guessing that the lake has some salt or other corrosive elements in it because there was some pitting around the rim of the reel and what looked like salt.  I cleaned off all of the corrosion and put some light grease everywhere that was pitted or off color.  Fortunately, the reel is still useable and turns smoothely.  So, if you are going to fish Pyramid, make sure you clean the reel immediately after you get home.