There is some truth in that but it's not shit, far from it. The problem with it is that it's been used by south seas islanders for centuries and they all live healthy lives, don't get fat, don't get cancer, yada yada ya. What 'they' fail to tell you is that these people don't hang around in bars or on street corners drinking, smoking, taking drugs, etc. They lead very active lives and spend their days climbing trees knocking coconuts down, hunting, fishing, etc.
Coconut oil is amazing stuff if used in moderation, coupled with an active lifestyle.