I've got a 2017 Silverado with the 5.3. I only have a little over 300 miles on mine, but I really never even notice when it switches between V8 & V4 and back unless I happen to look at the DIC and notice it. Too early to tell about oil usage.
I had a 2007 Sierra 5.3/AFM with 92+k miles on it and it never used a drop of oil between changes. Everything was left stock on the truck from the day I bought it.....no tunes, no new exhaust etc.
I hope my 2017 fairs as well as the 2007.