For the discussion, I am referring ONLY to engine crankcase oil in this tossing in of my two.
I have done a bit of personal testing into this "little" matter of oil and I have come to the conclusion that modern motor automotive oils are terrific motorcycle oils as well as terrific marine oils. IMHO, the debate shouldn't really be about car oil vs. motorcycle oil. There has been plenty of debate about the issue, and the general consensus is that the makers of motorcycle oils have made some pretty amazing claims to "prove" that bikes require special oils because of their increased shear forces, fluctuating temps and so on. This has not been proven to me in my own tests, and I encourage anyone who is really curious to perform their own tests. I am happy to provide instructions on how to go about this. My tests have shown that there is not a substantial viscosity advantage in motorcycles oils over automotive oils. Yes, it is true that certain brands of automotive oils have additives to address specific concerns in today's higher compression vehicles, and that there is a concern that those additives break down "old technology" engine components, but you'll also notice that those additives are usually only put into oils that are designed for use in those vehicles, such as 0W-20 and 5W-20 oils.
No, the debate should be whether Castrol will protect as good Red Line will protect as good as Valvoline will protect as good as Amsoil will protect as good as...you get it. It has already been shown that even a moderate to decent quality automotive oil will protect your bike's beating heart just as well as an overpriced motorcycle "specialty" oil. That means that if you're paying $2.49/qt for your oil, it's probably not doing as good a job as one costing just a little more. There's a reason it's $2.49/qt.
If you really want to geek hard on oil, I have found that using a good quality 50W (such as Aeroshell 100), which can be obtained quite easily at any airport service shop, is the way to go. The other option is to go with Aeroshell Plus, which has the Lycoming LW-16702 additive that specifically addresses the camshaft lobe galling issues that were brought up by Rockdodger. Consider this: airplanes' engines are required to be maintained at fairly strict tolerances, and those tolerances cannot be cost-effectively maintained by using inferior oils. Oils designed for aircraft use are, by that requirement, usually of higher quality than what you might get from Manny, Moe and Jack (bless their hearts). But, look at the names: Mobil 1 and Shell (Aeroshell) and BP (Halvoline). This is the stuff of the big boys. The oil of men and their machines. Even though our Bullets are close to our hearts, there's nothing mechanically different happening in that crankcase than any other internal combustion engine (begin rants and flames now). So, either go to the Big Top and buy the best, or simply remember that your engine is an engine, and wants a good quality 20W-50 engine oil. Period. Remember, there are terrific bikes out there that have run tens of thousands of miles on what we now consider inferior oil. The best thing you can do for your engine is change that oil regularly, and keep it topped up.
Personally, I use Mobil 1 50W, which I get at my local airport by the case. It is an excellent product. If I cannot get that, then I use Amsoil 20W-50, and failing the locating of that, I'll use Castrol GTX 20W-50. Frankly, I really like the Amsoil, but the Mobil 1 seems to retain its viscosity through oil changes just as well and is less expensive. During colder months, I'll go down to 10W-40, the cold (aka winter, hence "W") viscosity is more important than the hot. I use this recipe in each of my three bikes, including my beloved Bullet 500.
I will not publicly divulge my secret formula for my trans case and clutch without adequate libations pre-delivered by a very cute single woman.
happy motorin'!