The "0" will only help at start up in cold weather. It will be just like a "5W-30" at running temperatures.
In fact, some 0W-30 oils are actually "thicker" than 5W-30.
The most wear in an engine is at start up, cold or hot (up to 80%). This wear occurs in the time it takes the engine oil to reach the vital parts of the engine. So the lower the pour point, the faster the oil will reach these parts. 0w-30 is a direct replacement for 5w-30 and is the better choice as it provides a wider range of protection. As a matter of fact, Toyota issued a bulletin that recommends using 5w-20 (I will be using 0w-20 at the next change).
Thanks for referencing that TSB. One question...the TSB says for 06-07 only, would 5w-20 be ok in my '04 V8? Not sure they made any changes in 06-07 to the v8 that would make it ok for 5w-20 while the older ones still need 5w-30. Just curious. Thanks.