Conductivity -- how easily electric current passes through the oil (typically, the lower the electrical resistance, the more contaminants are in the oil)
Mechanical properties -- piezoelectric sensors can tell how thick the oil is by the force feedback it gives when sloshing around
Soot concentration -- dirty oil's days are definitely numbered
Presence of water -- water is an impurity in oil, since it hampers the oil's effectiveness and can corrode metal surfaces
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Then it's a great idea. I would still use the regular oil change interval but this will show you if there is some other factor that has pre-maturely degraded the life of your oil.
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'09 370Z - '93 300ZX Vert - '83 280ZX - '83 280ZXT -'81 280ZXT stroker - '72 240Z - Stillen CBE, HFC, G3, Grounding Kit, Sways // Swift Spring // H&R 15mm // 5% Tint // Clear Bra // 
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