Yes, I personally will continue to use coconut oil in my cooking.
Why? Every oil has what's called a smoke point. (this is the temperature in which the structure of the oil begins to change, and can bring on free radical damage to the body) Olive oil has a very low smoke point, thus it is important to take care when cooking with it.(Yikes!) Best to cook with oil's that have a high smoke point. Guess who? You got it Coconut oil! Coconut oil is a saturated fat, and yes we have all been warned about it; however, coconut oil is only 9% palmitic acid (long chain saturated fat associated with heart disease) so it seems a better choice if we are concerned with smoke point and free radical damage. High oleic versions of sunflower or safflower are also more stable when cooking at higher temperatures. Avacado oil is also a great high temperature oil to cook with, is monounsatured fat with a high smoke point.
It is best to save olive oil for low very low temperature cooking (if at all) or salad dressings. Flax seed oil is also best not cooked with.
Please remember that even though our bodies need some fat, too much is never a good thing. It is best to choose your oils according to what you plan to use them for. Many oil labels will have the smoke point labeled on the container.
Source: World's Healthiest Foods- George Mateljan