Actually, this is bad info...
The owners manual (I have one) states the GSi is designed to use full synthetic. It's simply a matter of the climate you live in as to what viscosity you run, but the GSi engine is rated for fully synth. I'd also recommend you use Honda Type II coolant... If you live in the north, or west you can get away with a 20w 40. Where as if you live south of Queensland I'd probably run a 15w 40 though or a 10w 40, if you in the Snowy regions around Canberra, Melbourne, Tasmania or further inland Queensland around the granite belt region. You run the risk unnecessarily of not getting enough oil pressure with a 5w 40 unless you're tracking a car.
I have a GSi I just changed the timing belt and water pump on with no wear what so ever after 70000km, runing 15w 40, and Honda type II coolant, the water pump came out of my car when I serviced it as new, zero corrosion, my engine as a whole has not even developed a puff of smoke, so after 70000km zero wear... Oils and coolants cost bugger all, don't be a tight arse when in the long run it's just going to shorten the life of your car and cost you a much more expensive bill later on.
It's real simple... actually let me get a picture for you:
http://i40.tinypic.com/ethdo9.jpg
Run high quality synthetic oils, e.g. Motul, Fuchs, Total, etc... and save your engine in the long run, I've always used Fuchs or Total oils, Castrol Mobil, Valvolne and Shell are generally shit, it goes up from there, Penrite, Penzoil, etc. Saving $20 on oils only to cause unnecessary engine wear is really quite stupid. Other than that it's straight forward, the lower the W rating the quicker the oil gets up to temperature when its cold and the less dry engine running which can cause engine damage. Because we live in a country with largely varied temperatures you want a bit of both hence the 40, so as it actually handles the heat as well as the cold we get. temperatures vary wildly from -20 to +40 you really need a good W (Winter) grade as well as a good summer grade, hope that helps.

