Good-quality coconut oil does have a mild coconut flavor. I'm someone who always hated coconut until I had it savory instead of sweet, in some Thai food. SOOOO different, so yum!
As for cooking heat, it's actually one of the best for high-heat cooking, unlike olive oil. Coconut oil won't break down in high-heat cooking and is in fact so stable that it can be kept on the countertop in tropical climates till it gets used. I fry eggs in the stuff, I make popcorn in it - WAY nicer than veg oil for popcorn, BTW! - and when I think about it I give the girls each a spoonful of the stuff, right off the spoon! (me too)