Coconut oil may have a number of health benefits, but I think it's easy to forget that it's still an oil, and excessive consumption of any kind of fat isn't a road to great health. Jamie Oliver recommends using it in recipes like curries or stir-fries where it adds something to the flavour rather than slathering it on everything; and I think that's a great, balanced way to look at it.
If you do want to slather it on something - try your skin.
Mixed with salt or rough sugar, it makes a great body scrub; ideal for people with sensitive, dry skin, and gentle enough to use on your body and face.
It's a hydrating lip balm; you can add beetroot juice to create a natural tint and it's more vegan and environmentally friendly than beeswax.
It can even be used as an alternative to shaving cream, hydrating your skin as well as helping you get a smoother shave.