Agreed. The chain affects a A LOT more than you think, and having it be just a couple of mm off center, or tight or loose can make things break WAY faster than they should. You should check your chain every 2000 miles or so. For me, that's once every couple of months. Seems annoying, but welcome to bike ownership.

Page 3-16 of the Honda Service Manual has a respectable rundown of the situation.

 

No, fortunatly I can read in the service manual where it says to adjust the chain so it has one inch of deflection. I've just seen chains like that before and not only were they loose but they were kinked.

 

Loose chains aren't a problem and won't cause kinks. I actually ride with mine at 1.5-2 inches of play. It makes cruising a little annoying because you can feel the chain whipping around, but I don't really cruise on my bike lol.

 

I'd recommend checking these guys out. http://www.scottoiler.com/default.asp It's a reservoir which you fill with chain oil & there's a small tube which runs from it to your chain so that they chain is constantly lubricated as you ride. The company is UK based (where I am) but I imagine they'd be able to post stuff overseas. I had a Scotoiler on my CB500 and now on my CBR. They cost around £60-£70 in the UK which I think would be around $117-$130 based on current exchange rates. They are an invaluble piece of kit and make chains last so much longer.