Interestingly, Castrol Import Multi Vehicle claims it meets Mercon V and has better specs than their licensed Mercon V.
Until just now, I've only used Motorcraft Mercon V. My vehicle calls for 30k mile / 3 year changes (full exchanges). My first change was bang on 30k miles and done by the dealer. My second change was 36k miles and 6 years later. A year earlier the fluid looked ok, but by the time the change came it was light brown and therefore overdue. The improvement in driveability afterwards was pronounced. Under the circumstances, I'd say it held up well but I shouldn't have listened to the mechanic who advised me to go by color a year earlier.
Since then, I've built a small stash of cheap Mercon V whenever I've seen a deal. Having just completed a drain and fill, I have 50% Motorcraft from the previous exchange, 40% of new Pennzoil and 10% of new Valvoline. Transmission seems fine, it seemed a little lighter with this change and it looks like I'll do another drain and fill in 10k miles with the Valvoline.
My feeling is that periodic drain and fills are better. I am thinking that if you go the full recommended interval and then feel a noticeable improvement after changing, then the ATF may have deteriorated too much. Periodic drain and fills will keep things more constant.