Oil consumption or not.... I don't have a bad thing to say about those engines. Hell, Look at all the Suburbans, Tahoes and Trucks with 300k miles still running strong. They are everywhere. I've known plenty of guys with those older 5.3's that haven't had a bit of an issue. Don't know if they had problems with oil consumption or not, though.
I saw an article where the GMC and Chevy suburbans have more vehicles on the road with 200k miles than most any other.