Coconut oil IS a saturated fat, but it's a healthy one due to it's high levels of Omega 3 fatty acids. The myth about saturted fats being bad for you is perpetuated mercilessly by the American food industry.
Coconut oil is great to cook with in place of vegetable oils. It can be heated to a higher temperature without changing it's molecular structure (something vegetable oils due to our health's detriment), and impart a lovely, subtle coco-nutty flavor to dishes (especially good in curry or with root vegetables or stir-fries!). You can use it in pie crusts instead of crisco because it's solid at room temperature and much more natural.
