I agree with JAG in that Mobil 1 is no consistant across the board grade for grade like it once was. Back when Mobil made Mobil 1, they were very up front about what base oils were used. I spoke with a guy that works at the Mobil R&D center in Paulsboro, NJ. Let me just say that he has no control over how M1 is marketed, or very little.
The only negative things about M1 I can think of are the average/below average wear performance and oil consumption, which IMO is due to the switch to grp III (higher volatility) in some of the formluas. Just a guess. I think the change over occured a few years ago and has only been recently exposed.
Other than that, Mobil 1 is very good at keeping an engine clean in high temps. Deposit control is excellent and only Amsoil is as good or better for extended drain intervals IMO.
The EP line is marketing, trust me. In the end though, I have no issues with the grp III in certain M1 grades. It's the final performance that matters.