The first number 10W, or 10 "winters" is a measurement of how the oil flows at 0 C or 32F if I am not mistaken.
The second number like in this case 70, has to do with the shear strength at what ever high temp it has been tested at. This is accomplished through the use of polymers, which are kind of like little spider looking thingies that expand with heat, and act to increase the viscosity of a given oil.
Thus, in a common modern multigrade oils you can have the Winters number low for cold start ups, and good fuel economy, and the polymers, as they expand when heated, protect the motor when hot like a higher viscosity oil.
The only problem with these polymers, is that b/c of the nature of a typical non divorced oil system, is that the polymers tend to get sheared in half if you will, ergo, the higher viscosity number is lessened over time.
There is a good overall explanation here:
http://en.wikipedia.org/wiki/Motor_oil#Multi-grade
Also, try going to the AMS oil website and have a look at their testing page. Of course AMS oil is coming out on top of all these tests, but, it gives one an idea of how oils are tested to determine what is what.
http://www.amsoil.com/index.aspx
I'm sure Penrite is a good oil.