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Originally Posted by wpage
There is no magic to it. It is just a odometer reader.
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I believe that is incorrect. The oil life system monitors driving conditions (temperatures, speeds, other factors?) and calculates oil life for the vehicle. While it typically goes well past what traditional recommended oil change intervals have been (and the 3k that the Jiffy lube guys want to stick you with), following the oil life system won't void your warranty.
There was a GM engineer on here long ago who had some facts about the testing GM did for this system, but it is too late in the evening for me to try to look it up.
That said, I change mine every 5000 miles just because I'm a bit old school (and it gives me time to bond with the truck).