SableCollie, as I understand it from reading and from talking to a doctor, coconut oil, and red palm oil, among others, are fine even though they are saturated fats because they are Medium Chain fats. The chemical make up is different and so these ones are beneficial.
I'm still learning about it, so I can't be too clear yet, but the earlier studies seem to have been wrong about certain types of fats.
Basically, as long as it's not hydrogenated, you're OK. It's just that we've been so bombarded with info about fats that it's hard to wrap your head around the idea that a saturated fat is actually good.
ETA-the book I've been reading is called "The Coconut Diet: The Secret Ingredient That Helps You Lose Weight While You Eat Your Favorite Foods" By Cherie Calbom. It's quite interesting. It's people oriented rather than pet oriented but I'm sure the basic info on Coconut Oil is the same for either species. I figured that the book was a fad diet book and ignored it at first, but I got intrigued by the discussions of Coconut oil on the boards here, so I picked it up and started reading.