Me and some mates ran Happy Shopper vegetable oil in our strokers back in the 80's after some bike mag ran a tests of a load f 2-stroke oils and the 50p (or whatever it was back then) litre of veggy oil outperformed all but the most expensive (read 10 time as much) oils.
It worked great for many months and the bikes left an amazing scent behind them, eventually though performance slowed and we discovered the stuff gummed up badly leaving the underside of the pistons gunged up and exhausts blocked (Something the scientists did not test for)
The moral (if there is one) is that to a large degree oil is oil, new oil is always better than old, and new cheap oil is probably better than dirty old oil.
Most modern oils (even the cheap ones) are probably much better than yesteryears expensive oils, which lets not forget have seen many an engine beyond 100k.
I have a mate who worked in petro-chemical research who always pissed himself at the oil adverts, all these liquid engineering and magnatec bollox that was bandied about were his favourite, apparently sticking to metal surfaces is actually a normal property of any oil - anyone who has ever washed up an oily baking tray will know this.
More power, cooler running
Sure synthetics are a bit better, mainly with regard to lasting longer, for those with nothing better to do:
http://www.motorcycleproject.com/motorcycle/text/motoroil.html
http://www.smartsynthetics.com/articles/motorcycle_oil_technical_facts.htm
http://wiki.answers.com/Q/Why_use_synthetic_or_semi-synthetic_motor_oil