Motor oils can have additives that aren't particularly good for you and are missing useful additives that most decent gun oils will have. Other than that they obviously do a good job of lubrication.
The main disadvantage of motor oils compared to a good quality gun oil is that motor oils are typically do a very poor job of corrosion prevention.
If you like Mobil 1, the "L" in Breakfree CLP is the same synthetic oil that was used in the original formulation of Mobil 1 (Mobil 1 was reformulated when the supply of the original synthetic oil dropped). What Breakfree CLP gives you that Mobil 1 doesn't is that the "P" provides some of the best corrosion protection on the market. In the tests I've seen, Breakfree CLP scores near the top while Mobil 1 scores near the bottom.
If corrosion protection isn't an issue and you know that the motor oil in question doesn't have additives that would make it a poor choice for an item handled & worn (for example, at least one formulation of Mobil 1, i.e. EP 15W-50, contains zinc dithiophosphate which the MSDS says has a low order of toxicity and may result in eye, skin, or respiratory irritation, also the aforementioned benzene found in some motor oils) then motor oil isn't a bad choice.
On the other hand, there are choices available (such as ATF) that provide the same level of economy that motor oil does but that are a much better overall match for the application than motor oil is.
1. Premium gun oils are tailored for the application and do a better job of lubricating and protecting firearms than motor oil does.
2. Even if you want to avoid buying gun oils there are better (still inexpensive) options available for lubricating and protecting firearms than motor oil.
The information to verify both statements is not hard to find and there's really no room for debate.
Will motor oil do the job? Yes. So will any number of special purpose or general purpose lubricants/oils.
Is it a good match for the application? No. There are choices (even inexpensive products) out there that will perform better.
Really the only thing motor oil has going for it is that it's cheap and readily available.
The only thing I thought of, was pulling the engine oil (Use Mobil1 10w30) dip stick out of my Jeep and allowing a few drops to fall into the rails and dust cover.
Used motor oil is considered to be carcinogenic. I wouldn't make a practice of using used motor oil to lubricate a firearm.