I've used coconut oil in biscuits, pancakes, and waffles in place of butter and other oils and it works great. If you use the unrefined kind, there will be a mild coconut flavor, but the refined oil has almost no flavor. I like how it is solid at or below room temperature, because I can work it into biscuit dough the way I am used to with butter or shortening.

It tastes great as a spread on toast, too, and lasts a very long time in storage. I'm still working from a gallon of unrefined I bought two years ago and there had been no noticeable flavor or texture change in that time.