I don't know about feeding it, but it is one of the main ingredients in Hilton Herb's Bye Bye Itch and I have nothing but good things to say about that product (so much so, my testimonial is on their website!)
What Deltawave said. Not bad or good, but if I told you to feed yourself or your horse something that has more saturated fat than butter, most would probably avoid it (I don't think saturated fat is horribly evil, but some think it will kill you on the spot) . Instead, touted as organic & vegetarian, it seems fantastic.
It does have a different fatty acid profile than a lot of fats. Not sure if that makes it magical
I use it as a moisturizer & I like it for that. A lot of ppl like it for cooking.
A while ago, scare monger M Jacobson from Science in the Public Interest (totally NOT what this group is usually promoting) went on a tear about coconut oil on popcorn being a killer b.c of its high saturated fats.
I have a friend who feeds it to her horses every day. The thing with coconut oil is that it's supposed to be Omega-3 rich (anti-inflammatory) as opposed to many other oils which are Omega-6 rich (pro-inflammatory).
Grass is high in omega 3's, where corn oil is like all omega 6's. There's a lot of research out there on the omega's that I don't have time to look for now and don't want to get in wrong if I try hearsay, but I think that's the biggest perk of coconut oil.
But interesting how we are told something is bad and then years later are told that something is good. Coffee is one of those things. So is coconut oil. Years ago when Chic-fil-a was pouring it into vats and frying up chicken, we were all told that coconut oil was bad. Two years ago someone showed me an article saying coconut oil helps prevent memory loss in old age. So use anything in moderation. Saturated fats are not as bad as the transfats everyone ate for years at fast food restaurants.
There are many grades of coconut oil. For my horses' tails, i tell the suppliers that I really don't need the expensive high grade oil. For putting a little in with my olive oil to cook for myself, I buy a higher grade of oil.