I used Mobil1 for 20k mi got a little expensive. Now i'm using Ford SemiSyn 5-20w every 4000 miles, that way it gives me 1k mi to change it. Always before 5k. Dosn't the computer by default remind you at 5K?
Motorcraft (Conoco) oil is excellent. I wouldn't be afraid to run it even longer than you are.
I never really paid that close attention to it, but I'm almost certain the oil life monitor tends to lean toward the "normal" 7500 mile service interval. I do know that it's more than miles that will make the percentage drop...It also looks at engine temperature, load, vehicle speed, running time, etc.
I tend to change my oil at 5000-6000 miles in the summertime, but a little sooner in the winter months since there's more cold rich running time when it's warming up which can cause more fuel dillution than you'd have in the summer months.
I've never had the indicator alert me of an oil change even at my longest drain interval.
I generally use Schaeffer's Supreme 7000 synthetic blend oil in mine.
www.schaefferoil.com
It's not a popular oil, but one of the best on the market, IMHO. If I need an oil change like right now and don't feel like driving to my buddy's speed shop to get Schaeffer's, then I'll get Pennzoil Platinum from Wal-Mart. It too is a very good oil, though I don't trust it with as long of a drain interval as I do with Schaeffer oil.
Lately, Mobil 1 has been looking a bit disappointing in the oil analysis I've seen. Cheaper oils are producing better used and virgin oil analysis.
There's also the rumor that M1 is no longer a "real" synthetic oil anymore either, but a Group III petroleum oil. Group III oils can be called synthetic because of the refining processes involved in producing it...Castrol's big dispute over what's a synthetic basestock and what's not got this to happen. Previously, an oil had to be a Group IV/Group V basestock which is a polyolalfa olefin or ester to be advertised as "synthetic".
In summary, if you are using a quality synthetic oil, don't waste your money dropping it at 3000 miles. You're not accomplishing anything except lightening your wallet by doing so. I also recommend regular used oil analysis from a lab such as
www.blackstone-labs.com and using their results to help baseline your own personal oil change interval.
It isn't necessary to use a synthetic oil to achieve maximum engine protection either...It's not the base fluid but rather the additives in an oil that make a good one good and a bad one bad. Some petroleum oils (Texaco Havoline comes to mind) have shown better used oil analysis than a lot of the most costly full synthetics. You just can't run them for as long of a drain interval.
Everything you ever wanted to know about oil is available in the forums at
www.bobistheoilguy.com I learned more about oils there in an hour than I knew my whole life previously.