Definitely. There's a handy table on http://en.wikipedia.org/wiki/Smoke_point I'm thinking about the table color-coded smoke pt and a space for notes. A bit "paint by number", but there's plenty of other variables.
Smoke point is another good thing to know about (you can saute in olive oil but probably don't want to double-fry french fries in it) but you'll degrade the flavor of a good Greek olive oil way before you hit 160c.
Well, I've never fried with olive oil and light cooking didn't seem to affect the flavor too much. Also, I use it mostly for the health benefits, not so much the flavor alone. I've also been experimenting with sesame oil. Made this the other night and it came out pretty well :
Personally: stories like this should read as good news; they mean you have a lot to gain for dorking around with new oils.