I changed my oil at 1,500 miles, reset the oil monitor, racked up over 10,000 miles and it was around 15%. I changed the oil again, it looked great for having that many miles on it, it was a gold/amber color. I won't change my oil again until the monitor says it's at 15%. I plan on doing this until I get rid of the car or it falls apart, whichever comes first.
Also, the oil monitor doesn't actually monitor your oil. It's based on an algorithm that takes into account rpm, load, fuel consumption, stop and go, etc ..
It's pretty accurate, assuming you reset it and you the appropriate oil when changing it.
99 Chevrolet Camaro Z28 M6 - 6.676 @ 103 in 1/8, 10.512 @ 130.2 on street tires, H/C/I
93 Eagle Talon TSI AWD 5spd - Built 6 Bolt, 16G Evo3, HKS 272 Cams - under construction
94 Mustang GT - 5.0 bored and stroked to 347, Vortech V1 @ 10 PSI, Tremec TKO 600 - PIA