[Mod.Edit: This and several following posts moved to form a new topic (MG)]
EVOO is flavoring your food. Just the ticket to add to your vinagrette or drizzle on your pizza dough. It is a poor choice for cooking. Canola is a better option. Recipe authors who recommend EVOO for cooking are simply wrong. It has a low smoke point, is expensive as you say and loses most of its flavor in the heat of cooking. You have it right.