Today's engines are built to extremely close tolerances and so are the oil passages. Oil is not only a lubricant, it is an engine coolant as well. Because of this, it is best to use the viscosity the engineers specify. You never want to use an oil with a higher viscosity as it will not flow as the designers intended. Many here, including myself, use Rotella T6 with good results.
True, oil does a lot more than lubricate. It also cools and if properly done, will resist rust, corrosion, pitting, sludge, acid and film buildup. A thinner oil will cool better than a thicker oil, all things being equal. The proper oil of high quality will actually keep parts from ever touching together. If the oil is too thin, or of too low a quality for the application, it will not have enough film strength to prevent part to part contact. Too thick an oil will not flow well enough, or cool as it should. Especially at cold temperatures. Many manufacturer's are recommending thinner and thinner oil to increase fuel mileage. Sometimes at the expense of engine component parts over time.
If the manufacturer's only consideration were for engine longevity, that would be great. But the truth is, they have a number of considerations which may encroach upon that goal of engine life. Not the least of which is profit. To them, it is a balancing act. Whereas, to the owner, it is usually much more cut & dry.
A full synthetic 10/40 will flow much better cold than a blended oil of the same specs. A full synthetic will also cling to parts longer than a blended oil. Because the lions share of wear typically takes place at start-up and for the first few minutes of running. This is a very serious consideration. You should not go by just viscosity or weight. The type and quality of oil also enters into the equation. Personally, I don't see any reason to use a 'Blended' oil. I see this product as more a marketing strategy than I do a good value. For the small amount more (and many times the same or less cost comparted to the Manufacturer's offering). You can get much better service from a full synthetic. Bear in mind that no manufacture that I know of actually produces oil. They purchase an existing product (which is usually available at retail stores for less) and have it branded for them.
I am not saying that a manufacturer's oil is of poor quality. I'm just saying that you will typically pay a premium price for a less than premium product. With a bit of effort, you can do better.