Woodland Farms:
I am no expert, but chain couplings are old and well proven and don't have plastic/rubber components that deteriorate with heat/cold/oil/ozone/uv. And they are cheap, I suppose because all three components (two sprockets and one chain) are used in so many other power transmission systems that they are made in large quantities on simple machines.
If poorly aligned and heavily loaded they do require lubrication because of the sliding motion of the chain rollers on the sprocket teeth. I oiled mine when it was new, wrapped a layer of dense felt around it to hold oil, and then wrapped all that in leather to keep the oil in and dirt out. I took the wrapping off after a few hundred hours, and there was no noticeable wear.