Is Olive oil unhealthy for cooking in high temperature ?

Though I have been using (extra virgin :-)) Olive Oil for the past few years, I never noticed the temperature ratings in some bottles till the last weekend... I was shopping with a friend and I was surprised to see that rating and then when my friend beside me, casually added that it was due the transformation of the mono unsaturated fats at high temperatures into something unhealthy, I felt instantly discouraged about my religious use of olive oil over the past few years X-(

Was it really true ? I wondered why I never read anything about in all those numerous hours of browsing the net ?? So, i spent some more time reading about it and here's what i found in my browsing :-) (of course, standard disclaimers apply for anything that we find from the "net" :-))

(1) the Olive oil ratings are mostly used for the extra virgin olive oils because it is not refined and hence the substances in the oil other than the oil itself might start to smoke at some temperature called the "smoke point". also, there is a consensus that olive oil loses its flavor when used for cooking in high temperature. hence the need for the rating... [1] [2] [3]

still what i am not sure how i can yet use the temperature rating info as I am clueless as to what part of my cooking is in what range ?!

(2) It seems that repeated use of any frying oil with saturated fat can result in transformation of a little portion of the saturated fats into trans fats... but then that portion is very less because, the actual production of trans fats require some metal catalyst like nickel and a constant high temperature and hence in our normal frying, this kind of transformation is much less and hence negligible... [4]

Nevertheless, I feel that it might be a good to avoid reusing oil in our cooking as much as possible ?!

And finally, this page has a neat table of many oils and their percentages of mono/poly unsaturated and saturated fats in those oils... very useful to see quantitatively how much using oilive oil will help in avoiding saturated fats when compared to other oils...