It shortens the O2s life, but not dramatically. Unless you have bad valve guides or a worn out engine I wouldn't worry about ANY impact on O2 sensors life. There were many, many years of EFI engines that ran using oil with ZDDP in it. The reason for eliminating it in oil is not so clear to me. When the government says things that don't make a lot of sense to me I start thinking about the money trail.
Things like, "oh those cheap light bulbs that last for years and years are bad for the environment, but these mercury-filled bulbs that cost $6 each are much better for the environment."
Bastards.