Turbo engines place really tough demands on oil. The increased use of turbos has done a lot to drive oil technology forward. Also, as John says, machining tolerances have improved immensely. This has allowed the use of thinner oils - which give a corresponding benefit in cold startup performance (they can get round the engine quicker) and fuel consumption (less internal drag to sap power). Oil technology itself has improved so some of the different grades now available in synthetics is simply "because they can"! Valve lift has increased a lot. When I was a kid, a "full race" cam might have had (say) half an inch of lift. Nowadays that's pretty common on road engines (and, of course, they have twice as many valves).