I looked at that question myself for along time. I used Valvoline for years 20+, I changed oil & filter every 5,000 miles again for ever. Never did I blow an engine or have any major defects. Then came a Dakota my wife bought new. the gas mileage was awful, so I began to look for ways to help the situation. Exhaust, K&N air filter, then came synthetics. I had used synthetic gear oil for years, in fact my 86 F250 4x4 the rear-end was running hot and I changed to synthetic oil thinking I would get a few more miles out of it before I would have to rebuild it. 46,000 miles later it is still running and the temps have been down, no noise. So on the Dakota I decided to change both front and rear diff. oil and also put synthetic oil in the engine. To this point nothing helped, first the gear boxes, I noticed a very slight increase, then the engine and in all I got about 1 mile per gal better. One thing I noticed the engine seemed smoother, and I noticed a power increase.
Today my wife drived a Chevy Trailblazer and I run Mobil 1, why Mobil 1 because our Chevy dealer suggested it, and since her first oil change was paid for by our salesman I agreed. With todays cars as high tech as they are, and with oil running out I'm all for using synthetics any place I can. I'm seeing more and more cars comming with synthetics, most Chevy trucks use it in the frt. & rer diffs.