Base oils like Shell's XHVI and the better of Mobil, Petro-Canada and Chevron's group III offer performance in a similar class to PAO except for extreme (-45 and lower) cold performance with the added benefit of polarity and additive solubility. A good PAO based oil requires esters for polarity and solubility, and in many cases alkylated napthalenes which greatly improve solubility.
Group III like Shell XHVI offers viscosity index, purity (it's hydrocracked from slack wax which is a byproduct of hydrocracking the wax molecules out of lower group oils, so they can make more uniform, pure molecules), oxidative stability and cold performance similar to PAO with the benefit of additive solubility and polarity the PAO lacks without being mixed with more expensive bases.
It's improvements in the technology used to hydrocrack, purify and refine the hydrocarbon based oils combined with new sources of hydrocarbons to do the process on.