Yeah 40,000k's is too much. If it was a Toyota i would believe 100,000 without a change(I have had a Toyota in the family from 1979-2003 with only 1 oil change, possible 2 that used to tow trailer nearly each day with sand, cement and mixer), but not anything else, especially a Holden or a Ford. There are oils out there that are designed to go 20,000, 40,000, 60,000 +. Amsoil, Redline, PM Lubricants are such types of oil. There are still certain regimes you much follow like oil filter change at every 10,000 or 20,000 with minor top ups. IF you run a external filter like a Franzt filter you can run on one type of oil for practically ever, but your engine must remain in good condition off course.
Frantz Filters Australasia - Micro-Filtration This type off system will be standard possible on of these days with economy, EPA, and so on. Its already started with the diesels.....
Normal engine and setup, 5000k's for SL minerals, 7500k's for SM minerals. 10,000 for most Synthetics.
THe oil in the guys VY SS (If it was the oil that killed it) would have been normal then thinned out to an extent where its thin too thin, then it starts to break down and oxidize. Oxidized thickening, the oil would start getting thicker again, but with no lubrication. Thick and runny oil, like asphalt, water, slugde all mixed together.