Depends what you're comparing to, it's better than boiling, not as good as steaming.
And releases less carcinogens in bacon than frying.
Wiki source.
I don't cook stuff in the microwave (actually, I do fish sometimes, it's surprisingly good), but it's essential for reheating single portions, I'd go crazy if I had to heat everything up on the stove.
The thing is though, how many people actually cook with the microwave? Not many (by cook I mean from real raw ingrediants like vegetables & meat). Most people just reheat with the microwave, leading to double loss (and a soggy, unsatisfying taste, IMO). I'd sooner eat cooked food cold than reheat in the microwave.
DYou and ecofarm are both off here. Coconut oil doesn't convert to trans fats, but it is high in saturated fats, which are generally unhealthy.
Source.
I don't think it's bad in moderation.
Tropical counties that eats loads of coconuts don't have heart attack rates like the US.
Mostly I consume coconut oil raw anyway (usually I mix it with almond butter & dates and some other stuff, making a sort of raw cookie dough that actually tastes really good). It's not an everyday thing for me so I don't worry about it.
DSuitability of oil for cooking depends more on the smoke point than the saturated fat content.
Cooking oils on wiki.
Oils begin to degrade far below their smoke point. Unsaturated fats are less stable under heat. Saturated fats are thus better for cooking. I rarely fry anyway (I prefer to poach fish & bake chicken, never for more than 10 minutes either way).
http://www.springerlink.com/content/vj70g476k7q8731t/
Palm kernel and coconut oils are the most used of the lauric acid group of oils. The characteristic of this group is their high content of saturated acids, lauric and myristic, and it is from this feature that their principal uses are derived. Due to their triglyceride composition, both oils have steep melting curves and melt below body temperature. Their low degree of unsaturation gives them high oxidative stability.
Coconut oil vs. corn oil ("good" unsaturated fat) on tumors in rats.
http://www.ncbi.nlm.nih.gov/pubmed/8233985
Mammary tumor incidence was the same in the menhaden oil and coconut oil diet groups but was significantly higher in the 20% corn oil diet group. The protective effect of menhaden oil and coconut oil may be due, at least in part, to the decreased linoleic acid content of these diets relative to the corn oil diet. We conclude that n-3 fatty acids per se do not seem to inhibit tumor formation.
The whole unsaturated = good, saturated = bad is pretty simplistic and often simply wrong. I will never be convinced cooking with vegetable oil is healthy (IMO frying in oil is generally best avoided anyway but it does taste good).
Virgin coconut oil supplemented diet increases the antioxidant status in rats
Abstract
Virgin coconut oil (VCO) directly extracted from fresh coconut meat at 50 °C temperature was tested for its effect on the activities of antioxidant enzymes and lipid peroxidation levels in male SpragueDawley rats, compared to copra oil (CO) and groundnut oil (GO) as control. Oils were fed to rats for 45 days along with a semi-synthetic diet and after the experimental period various biochemical parameters were done. Individual fatty acid analyses of VCO and CO were done using gas chromatography. Effect of polyphenol fraction isolated from the oils was also tested for the ability to prevent in vitro microsomal lipid peroxidation induced by FeSO4. The results showed that GO, rich in polyunsaturated fatty acids, reduced the levels of antioxidant enzymes and increased lipid peroxidation, indicated by the very high MDA and conjugate diene content in the tissues. PF fraction from VCO was found to have more inhibitory effect on microsomal lipid peroxidation compared to that from the other two oils. VCO with more unsaponifiable components viz. vitamin E and polyphenols than CO exhibited increased levels of antioxidant enzymes and prevented the peroxidation of lipids in both in vitro and in vivo conditions. These results showed that VCO is superior in antioxidant action than CO and GO. This study has proved that VCO is beneficial as an antioxidant.
Looks like "saturated Fat is
n't bad, regardless of source.".
Unsaturated fats are not all the same either.
For example monounsaturated fats (avacaods, macadmia nuts, olive oil) are healthier than polyunsaturated fats (though of course you do need some omega-3's & 6's to stay alive but overdoing it on them isn't ideal).
Omega 9 fatty acids (monounsaturated) are less prone to oxidation having a lot of PUFA (polyunsaturated fatty acids) in the body means cells and organelles, and ultimately organs are more susceptible to oxidative damage.
That might be a bit much for the "healthycastle" readers to think about though.

Nutrition is quite a rabbit hole to dive into.