We use coconut oil if something has to be fried or sauteed, it has a very nice effect on the food. I especially love sauteing onions in it, really lovely flavour, then I add mince and the herbs, capsicums and tomato sauce for spaghetti  bolognaise.
It's best not to heat any of the liquid oils as they get to be trans fatty, but saturated fats don't. And coconut oil is supposed to be really good for us. 
We even do tempura in coconut oil............makes a lovely crisp batter, but we do it outside in the wok as it gets very smokey and sets off all our smoke alarms.