I have a new 2001 MM 700 - I started out running the Yamalube 2s for the first trip to the mountains, though the Yamalube 2s is a good oil, it smokes more than my lungs can take anymore.
So, I went with a old and trusted oil that I used over the years in many different brand sleds -TORCO SSO, it is 100% synthetic smokeless oil, I have better throttle response with the Torco verse Yamalube 2s too.
Do not use Blue Marble oil - I was going to try this oil because it was smokeless (I thought I give it a try, because of all the hype about power, better fuel mileage and so on) it only flows down to 5 F < thats above ,not below zero. they will not stand behind you should you have a engine failure either.
Torco is a very low ash, Jaso FC, ISO -L - EGD rated oil
Yamaha's oil is FC rated and a low ash.
The OEM has to prove that the oil caused the problem with the engine and most likey will never be the oil but the deliverly, and todays oil mix pretty good, flow better than the OEM, and have a cleaner, better wear protection.
Other oils that work good are Redline, Klotz, Motul,Amsoil (either one) I never tried Maxima, but I have used they're super m in a watercraft with good luck.
You may have to have the oil pump adjusted (I think it pumps to much from the factory to begin with) If I did'nt need a smokeless oil I would of stayed with the Yamalube - just easier for me get and cost less, but then again the cost is less than a engine.