The oil formulation issue is a complicated subject which Bill summarizes well. From what I understand the main issue is with the critical break-in period but even broken-in cams are having problems. Part of the problem is coming from offshore inferior cam stock but evidence suggests that the reduced amount of zinc in newer oils is partly to blame.
The amount of zinc additive, or ZDDP, is being reduced because it fouls catalytic converters. The problem is our older flat tappet engines need ZDDP because it's an excellent lubricant for metal-to-metal contact, i.e. lifter-to-lobe surfaces.
Another issue is oil drain intervals. ZDDP is sacrificial, it's levels are reduced with use. If you don't drive your HiPo much and change your oil every 500 miles or so, then the new formulations probably won't be a problem. But if you drive the car a lot and extend your drain intervals past 3000 miles you might have a problem.
In addition to the solutions Bill mentions, another approach is to use heavy duty diesel motor oils like Shell Rotella T or Chevron Delo. These will work perfectly fine in our engines and still have fairly high amounts of ZDDP but even in these the levels are being reduced due to emission issues.
FWIW, I'm just crudely summarizing the stuff I've read on the website mentioned above. There's lot's of people who post there with way more knowledge on this subject.