I could have sworn I read somewhere, during the oil and filter research, that synthetic oil isn't really what a lot of people think it is, thinking it is a fully man made lubricant. What I seem to remember is that synthetic oil is an ultra refined conventional oil, with extra additives, we've come up with and blended in with that ultra refined oil, to give it a new property to better handle heat and break down.
Regardless, Im gonna go ahead and freak you all out and say I buy the 5qt jugs and another single at WalMart of the Mobile 1 full synthetic 15/50 oil and run a Mobile 1 filter as well. I've had no problems with maintaining oil pressure, I started using it to aide in seemingly noisy, cold morning lifters. I've even tried other weights that do not help. If you really look at the thickness of the oil in synthetic makeup, it's already pretty thin, yes it may be a touch thick during cold starts for some peoples liking, but oil pressure is up and constant right after start, let it warm up a bit and shes really good to go. Mainly used it as someone else mentioned during times when I was pulling trailers around and just recently when I towed a 5500lb trailer back from Indiana to Washington, just kept it in there until next oil change and with winter coming, it'll probably drop to a 10/40 weight. We really don't get down below freezing here for anything thinner.
By the way, this is in the '05 Avalanche with the 5.3 engine.
As for my other ride, the Burb with the 5.7 TBI, I ran nothing BUT 20/50 when living in Phoenix,Arizona due to the extreme heat and high mileage of the engine, had well over 250k miles, so it would burn a little and leak past the seals real easy if I used anything lighter. Also it was quieter running that thicker oil. Now I did run that engine up to a cold weather climate one year with that same oil still in it and I'll tell ya, it didn't like it. It was slow cranking, so I did end up going with a thinner oil then.
But once I switched it over to full synthetic, it was running 10/40 normally, ran good and sounded even better. Some may think I'm nuts, but I feel I actually heard a difference in engine type noises when I switched from conventional to synthetic.
If I were in a more cold climate that regularly sees temperatures in the teens or lower, I'd most likely run a 5/xx flavor though.