I am currently doing testing on a product. The pcb consists of an EEPROM IC AT93C46. I connected the Oscilloscope probe to the Chip select pin, Clock, Data In and Data Out. From referring the wave forms with the data sheet, I came to a conclusion that, the Microcontroller accesses the EEPROM IC every 500ms. I read the application notes for the EEPROM IC. It has been mentioned that write operation deteriorates the IC's performance. What about read cycle?
Read operations do not wear out the EEPROM (only write/erase endurance is specified in datasheets). You can do as many reads as you wish.
Reading it very often would suggest some "sub-optimal" software of the microcontroller. My usual approach to data that is used often is to copy that to RAM at startup, because any kind of outside access is painfully slow from the point of view of the MCU.