I don't want to turn this thread into the Synthetic vs. Dino Oil debates that take place on ALL automotive forums, but I'm interested in what you guys use. Obviously, your environmental conditions (weather climate), intended use for your car, and other items will factor into your choice. Here's my answer:
Back east I used Synthetic Mobil 1 in every car I owned or worked on. All of my engines (aircooled VW or American GM V8's) lasted into the 200,000 mile range and ran great. I never burned oil, lost compression, or had any major mechanical failures. My air temps in New York and Pennsylvania ranged from -32 below to high 90's. (Farenheit) The multigrade 10W30 Mobil 1 was my favorite.
When I moved to the Las Vegas desert 5 years ago, I asked the guys here what they ran as their oil of choice. I had an engine that I didn't build in my Kabrio and I didn't want to remove it. Being on the EXTREMELY tight budget I was at the time, I really didn't feel like spending the extra $$$ on synthetic oil. The local guys seemed to like Castrol Straight 30 & 40 weight HD (Heavy Duty oil) with a bottle of STP (which is thick as Honey) during the summer when the heat is 110+.
Since then, when I put my 66 (
the Hooptie) on the road, I had a fresh 1776 with some very nice parts that was given to me. I wanted to take care of this virtually new engine, so I began using Mobil 1 10W30 again.
While the Mobil1 is expensive, I truly believe it is worth it! The oil stays cleaner longer and doesn't turn black. I've not experienced any difference in engine temps, but that's not to say that there isn't. (I don't have any aftermarket guages.) In my Kabrio, I have only run the Castrol 40HD and the STP in the summer time extreme temperatures. While it does blacken faster than the Mobil1 I feel it has done a decent job of protecting my engine too.
One last word on oil... When I was in High School shop, my teacher told me to avoid a lot of the cheap oil because it is "wax based" and will sludge up your engine. He specifically called out Quaker State as being a bad oil. (No that was 15+ years ago, so they might not be the same formulation any more.)
We'll get to see the inside of the Hooptie's engine (with the Mobil 1) when I pull it out and reseal the case and pushrod tubes...

Let's here your comments on oil preferences!
Scott Faivre