My 5.3L doesn't use any oil. But it has "slapped" since new. I noticed it and took it for what its worth. 148K miles later, it makes all the same familar noises, but still doesn't use a drop of oil, gets decent fuel mileage and drives like a hotrod.
I'll be honest, it had me worried at first, especially after the factory warranty was up. But really, it hasn't been much of a concern lately. If it throws a rod through ther hood tomorrow, I'll be very bummed out, but its given great service to this point.
Each brand/model/year has their issues, so its no use pretending one is better than the other.