Synthetic is fine oil to use, but if the bike already burns/leaks oil, its a bad idea to switch to synthetic, since its notorious for making leaks and burning worse. I agree it does protect better, but if it goes from a little puff of smoke here and there to looking like a fog machine inside of a few months, you're really not helping it any.
If I ever find a dirt cheap (read: free) kz550 motor that doesn't have anything severely wrong with it, I'm going to consider a fairly complete rebuild and start it on synthetic from day one..but until somone shows up on my doorstep, or atleast within 60 miles of me with said motor, that doesn't seem likely.