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There's a lot more going on than just viscosity, but it's certainly an important number. I've spent a fair amount of time over in Bobistheoilguy reading, and the conclusion I've come to is that with the oil change intervals most use, most oils will offer more than adequate protection that any lubrication-related wear will not be what does the engine in. Many synthetic oils would probably be good for 20-30k mile changes, while manufacturers are still often recommending 7500-10k changes, and many owners are still changing at 3-5k.
Right now I'm running Honda Green Oil in my Insight, which is significantly thinner than commercially available 0w16's when cold, and somewhere between a 16 and 20 weight when hot. In Japan, Honda specifies "NEXT" oil for their hybrids and Earthdreams engines, which makes a 0w16 look really thick by comparison. I'll do an oil analysis when it's time for a change.
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