This is the oil change regimen I follow for all of my vehicles:
1. Use Amsoil (or similar) break-in oil on a new or rebuilt engine, change to synth immediately after break-in
2. 2nd oil change at 500 miles
3. 3rd oil change at 1500 miles
4. 4th+ oil changes at 4000 mile intervals maximum
-Even if I don't rack up mileage quickly, I always change my oil at least once per year. Typically twice.
-I always use a Mobil 1 or equivalent oil filter. Never FRAM or discount brand.
-I typically run a heavier weight in the summer here in Dallas.
I've had many minor engine issues with my vehicles but God-forbid never a catastrophic internal failure (knocks on wood). I credit most of my luck to my oil change regimen. The oil life meter probably does not account well for a missing air filter, the occasional track day, or a stuck fuel injector.