I once had a friend drop his plane (C-175 with a GO-300-E, ...a cousin of our engines) off at my place for some lengthy mods. When I drained his oil and checked his original screen I found it pretty well contaminated with small chunks of copper, aluminum slivers, and a bit of steel or two. I knew he was going to be pretty upset, since he'd only had the airplane a short while, and that engine is not cheap to repair/rebuild. I went ahead and removed his accessories and accessory case/oil pump.
Much to my surprise there was no further evidence of destruction. I'd expected to find things pretty well contaminated with maybe some oil pump scoring or gear-tooth chipping. When I talked to him again, he surprised me by asking "WHAT oil screen?"

He'd never cleaned his screen in the 150 hours of operation he'd owned the airplane. Who knows how long before he bought it that it was cleaned? What I was seeing could have been any amount of stuff dating back to the previous overhaul/break-in for all I knew. The engine only had a little over 300 SMOH according to the logs. Since screens do not have a by-pass valve in them (another good reason to have a filter), he was lucky not to have starved his engine for oil pressure. (I know. Some folks feel that a filter that by-passes is a failure mode of the filter system. I don't feel that way. I believe an engine that clogs a filter within one oil-change period is coming apart anyway, and I'd rather it at least maintain oil flow until I can get it on the ground somewhere.)
Anyway, with enough metal in that screen removed to give cardiac-arrest, my friend's engine accessories and case were put back together and run another 400 hours with 25-hour oil changes and it never gave a problem. The oil screen was cleaned regularly after that and nothing more than carbon and an occasional sliver of aluminum was ever found. Who knows what would have happened if a chip detector had been installed.
Most chip detectors work on a simple principle. A piece of metal will short across the internal terminals lighting up the warning light. There are drain-plug-type chip detectors on the market also.
Most chip detectors I've seen have been in turbine engine installations (and helicopter transmissions) where high rotational speeds, lots of internal gearing, and immediacy of discovery and/or expense of repair is such that a chip detector is seen as a vital component. I'm not sure it's really all that useful in small recips. I'd rather have a good filter to keep that stuff from circulating, and discover it when I check the filter.
That way I'd already be on the ground when the shock occurs.
