Pennz and Quaker State had a reputation of "sludging." This was using old refining methods. It was a myth then, and it is a myth now. Most of the oils in the older days would sludge with age. That is why oil changes of 2 to 3k miles was recommended.
Some of the newer engines also have sludging problems. Mercedes is one. It is due to engine design, not oils, as they sludge with different brands.
All conventional oils are paraffin based. This is not the same paraffin as the wax used in candles as many think.
Engine oil does not "wear out." It becomes contaminated. If you clean it out, put the additive package back in, it can be re-used. Re-refined oil used to be commonplace, but I don't see it much anymore, especially around here. It works well in industrial applications where the engines are operated at a steady speed.
In the old days, oil grades were determined by the base crude. The best crudes were the "sweet crudes" in the Pennsylvania region. Next best were the Mid-Continent crudes, then the Coastals. Most crudes from the mid east are sweet crudes, so this distinction is not so important anymore. Plus, better refining methods, and additives make for a much superior oil.
Personally, I use Super Tech synthetic in all my vehicles, and have never had an oil related problem. I use the dreaded Fram filter, Super Tech, Motorcraft, whatever is handy. I have been working on automobiles for years and years, so I am not anal when it comes to lubrication.

shady