buster,
I'd say a high resistance to degradation from oxidation and nitration, which leads to oil thickening and depletion of the detergent/dispersant additives. This causes the TBN to drop and eventually limits the service life of the oil. I also like to see decent shear stability, although with a long drain interval you can count on the oil to slowly thicken after any initial shearing occurs. Along with this you need a robust amount of antiwear additives, which also act to limit oxidation and oil thickening. You also want an oil that is resistant to fuel dilution, although I'm not sure what attributes help in this respect.
The best way to start this process is with a high quality, blended PAO and/or Ester basestock. These seem to have the best overall range of desirable properties, including resistance to moisture, additive solubility, seal compatibility and extreme temp properties. There are a number of approaches that work with regards to additive chemistry. If you look at Amsoil, Redline and Mobil 1/Delvac 1, there is quite a variation in chemistry. Yet all these oils seem to consistently hold up very well.
The variables that cause oil to degrade are heat, oxidation, blowby chemicals and moisture. In diesel engines the buildup of soot is also a major factor ....From the standpoint of chemical engineering, it's a hard problem to solve.
TooSlick
Dixie Synthetics