From my point of view, the oil life monitor is useful. It takes
several things into factoring oil life, not just a time/miles aspect.
Oil quality has came a long way since the 3/3000 recommendation, and
if the car manufacturer stands behind a longer interval, than you can
be confident as well.
I just had an oil change on my new GM vehicle. At 4000 miles, I had 40% oil
life left. I check the oil color on the dip stick, and it looked very clear
for 4000 miles. I changed it anyway being the first oil change. But I
could go 5k-7k or what ever the monitor shows and be comfortable with it.
In any case, for reasons I can not explain, I'd probably change it at 7K any