I cook with Olive oil. Its fine for frying regular stuff etc, its just NOT ok to reuse and if it starts smooking you have to discard it. I would say ok to fry up onions for salan etc, the only thing it might not be good for is deep frying like frying up chicken with bones which will take a long time to cook all the way through or chops with bone, but it works fine with everythign else. The smoke point is like 450 degrees F I think so I doubt you'd reach that...and if you did you'd probably start a fire beofre anything....
Thanks for that. And no I am not rich enough to use extra virgin olive oil for deep frying. I have been using it for regular cooking and salad though, for about a year and I must say I have experienced its benefits.