Or one year, whichever comes first.
As to the GM OLM, it was never a "rudimentary" device. Even back in 1999, the one on my STS was a very useful tool and would follow all of the parameters as described by slacktide, and possibly a few more. Yes, there had to be adjustments made to the algorithm over the years due to different engine designs and parts suppliers.
This subject has been written about on this site so many times, I'm really not going to go over it all again. I will say the my first reply on this subject was around 2005 when I let my Oil Life Monitor on my 2004 Chevy truck go to 12,000 miles and sent a sample to Blackstone. The report said that it had several miles of life left.
Just Google GM OLM and try to get the full story from GM. The woman engineer that devised the thing did a fantastic job. There is a patent on it of course, and none of the other car makers have been able to come up with a similar or better system of predicting YOUR oil change interval.