This rule mostly applies to Extra Virgin Olive Oil. Refined olive oil (Which is what you'll get if you buy something just labeled as "Olive Oil") has a smoke point that isn't much different to most other oils.

Thanks for that clarification (I see it's come up a bit here, but nonetheless). I'm part-owner of several dozen olive trees, but sadly they're table varieties, not oil. I shall have to do some more investigation on this front ... though I'm likely to just embrace, even more, avocado, grapeseed, and macadamia oils, as well as lard -- that seems easier than keeping more than one good olive oil in the pantry : )