This is my fist v8 car so I am not too sure if this normal; but I have noticed that every once in a while. (Normally when in 4cly and I hit a sudden steep incline where it shifts to 8cly mode and gets a larger power demand) There will occasionally be a large amount of exhaust smoke. The car has a around 114k miles on it and I am wondering if there is an issue with something? Note: This doesnt happen very often. I have only noticed it a handful of times now. The smoke is a grey-ish color

I have a few ideas as to what it could be if it is important enough take a look at. Here they are if you want to look at them or comment.
1. Possible Spark Plug issue? (I have already picked out a set of sparkplugs I have been told are good with this car and may get these soon)
2. Something to do with oil (Because I have had to put in 2 quarts since I bought it 4 months ago; but I have read on here that can be typical of these engines so it is not appearing to be the issue now) I also think it may need an oil change
3. It is exhaust related (because the stock muffler has a huge hole on top. (I am about to replace this very soon anyways, within two or three weeks)

What do you guys think? Is it something to not even bother with?

 

Ive heard that is normal for the 06-07 SS.. Something about the DoD..

Wait till someone who knows for sure says so tho...

 

Not really sure what you mean by "DoD"

 

Displacement on Demand when it switches between 4 cyl and 8 cyl mode.

 

Yep, what Jeff said. 'Displacement on Demand' is the cylinder deactivation, also called 'Active Fuel Management'. Oil burning is a known problem on these cars. DoD seems to be the most common culprit, could also be piston rings. I've had the car for 8 years now and back when I used to drive it more there was maybe a handful of times I got a low oil warning message and had to add a half quart, nothing crazy. Now I'm lucky if I put over 1k miles on the car during any given year so I only change oil once a year and haven't got a warning or had to add oil in years. My DoD is still active, I haven't tuned it out (yet).

This thread over on GMLS4.com explains very well > Burning Oil... GM Bulletin....