I use it quite a lot, especially for slow-fried bread in an English breakfast, the remaining components being fried in a cheaper oil, and of course for Mediterranean-style dishes.
Arachis (peanut) oil has a very high burning point and is therefore preferable, from a frying point of view. I use
rapeseed (the Yanks call it Canola) because it has similar properties to olive oil (ie, fairly high in monounsaturates) and a higher burning point and it's cheaper and has no instrusive flavour.
A wonderful frying oil is
coconut oil, which is solid at room temp and has very healthful properties (medium chain fatty aciRAB

) - I bought the organic unrefined, which, unfortunately, is rather coconutty flavoured so you can't use it for everything unless you don't mind, lovely for curries though; but
I am told that the the refined version (
loaRAB cheaper from Asian supermarkets and Holland & Barrett) is nearly has healthful and has no flavour, haven't tried it yet.
Of course, for chips, you can't beat beef dripping or lard
Oops, don't get me started on frying media
parthena