If you want definitive, well-documented information on the nature of oil and lubricants, this website is very informative:
- Bob is the Oil Guy
The shorter version is, that while the oil life monitor isn't perfect, it's actually quite well thought out and can be quite accurate, depending on the quality of oil you use, quality of oil filter, and the environment. The monitor already factors in how hard your motor is working at any given time. It is fairly conservative, also. If you use good quality oil and filter I'd say you can choose to rely on it if you want to.
Your manual tells you to check the OLM at 7,500 miles, so you could just change your oil at that time rather than rely on the OLM. The 3,000 mile interval is something the oil change places like to tell you, even though it's not even relevant with newer cars like ours. 7,5000 is safe, 5,000 if it'll help you sleep at night, but any sooner is just pissing money away, for most situations.
I used Mobil 1 and a Mobil 1 filter on my 02 Chevy Impala (another 3800 engine) and ran on the oil for 10,000 miles before changing. (OLM had read 0% oil for a few thousand miles at that point) Sent in a sample of the used oil to Blackstone Labs (they offer kits if you wish to do this yourself.), and based on the analysis my oil was still good for awhile yet, although my silicon level was a bit high. This was for a great quality synthetic oil and solid filter, however.
Personally, I worry more about keeping my tranny fluid up to snuff then nitpick about the engine oil. If you treat your car well, $10 says that your factory tranny craps out long before your motor in any case.