If you are running an industrial engine then continuous fixed rpm wear may make a difference in the engine life. Most engine, unless mechanical damage (abuse, head gasket, bad ignition, injector, fuel, incorrect modification, running too lean/rich, etc), will have low enough wear that last longer than the rest of the components (gaskets, mechanical cracks).
More importantly, transmission, suspension, chassis usually last much shorter than engine. So unless you are planning to keep your car for 20+ years it doesn't matter as long as the oil is good enough for the protection.
Are we going to run 20W50 in engines? Heck no, you are going to drop fuel economy 20% or so, enough money to buy a rebuild in case you need one (which you most likely don't).
What about start up wear? Since start up wears are higher than continuous wears, you probably should minimize it in passenger cars first.
In the end, Mobil is right, as long as you use the correct spec oil (i.e. SM) the only thing you have to worry about is putting in the wrong viscosity, because the API spec should protect your engine enough from lube related failure.
This is not just 5w20, but every visc out there. A typical user should use only the recommended grade unless you have mechanical issues (loudness, excessive burn, extreme weather, etc).