So basically it all comes down to what we have always been told...
The 5W in 5W30 represents the starting viscocity of the oil. The colder your engine is the more need for oil to reach vital engine parts quicker. The 30 weight part represent viscosity at full engine operating temp (approx. 210F). All 30 weight oils for example (0w30, 5w30,10w30, etc) all have the same viscosity at full engine temp.
The benefits of a low winter weight oil only serves to provide quicker starting and reduce startup wear in colder temps. That pretty much sums it up. Theoretically if you want to achieve additional protection between moving parts then you would need to step up to a 40 or 50 weight oil like 15W-50. But I would only do this in a warm climate. Additionally oil weights higher than 30 are not recomended by GM.