From what I understand, coconut oil tastes only slightly of coconuts. It comes in semi-solid form, just like vegetable shortening, and supposedly has a very high smoking point, so it's great for high temperature cooking.
Contrary to what we all have been led to believe about coconut oil, and any coconut products in general, it is now known that coconut oil is actually healthy, which is why I think it might be a great, healthy alternative to shortening or butter in a pie crust. Although high in saturated fat, studies have shown that the type of fat it contains actually serves to raise good cholesterol levels. The fat in coconut oil is not absorbed in the body, so does not raise bad cholesterol levels.
I plan to try it out in a pie crust in the next couple of days. I'll keep you posted.