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i believe the oil can last that long, the filter is the problem. When the filter gets full (which its pretty much maxed out at 5000 miles, which ive seen in person from cutting them open after use) all of the oil ends up going through the bypass valve, and none of it gets filtered.
It may last and never have anything happen, to me its just more of an insurance thing. My dad ruined 2 fully built v-8s as a kid, one from dirt in the crank oil galleys from the machinist, and one from letting the oil go too long (filter stopped working and oil quickly got too dirty. Everything he put together from then on was clean enough to eat off of, and he never lets the oil go past 5000.
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