I think the argument is unfounded. If high mileage oils rely on seal swelling agents, as others have suggested, then the worst that could happen is that the seals would shrink back to their original size over an extended period of time. That might be quite a while. Eventually the seals would return to their original dimensions; it is hard to imagine them moving to some state that is worse than where they started before High Mileage oil.
For what it is worth, our 2001 Volvo V70XC has been using Mobil 1 5w30 High Mileage for the last four years. Several weeks ago that was changed to Mobil 1 0w40 for towing season. The plan is to keep it that way throughout towing season, then go back to 5w30 High Mileage for the winter. I am happy to report that after 1000 miles of driving, including 500 miles of highway speed towing, the engine hasn't blown and there are no signs of new oil leaks. I will check back in a few months and let you know if that changes.