Um, no. There's a lot of misinformation on oil smoke points on the net unfortunately. Going way off topic here for HN, but see http://whatscookingamerica.net/Q-A/SmokePointOil.htm for an accurate chart. It's ~320F for EVOO vs ~400F for canola.

That makes a noticeable difference in the kitchen. Using olive oil you'll find yourself overheating more often. It's also more expensive, and imparts a flavor, which you typically don't want in your oil when sauteing or pan frying. If you want that flavor, pour a little high quality olive oil on at the end. I do that with something like a pan seared halibut, it's heavenly.

Thomas Keller mentions in his books (I believe both Ad Hoc and Bouchon) that he uses canola for sauteing and pan frying for exactly those reasons. (Grapeseed oil is great, he mentions, but very expensive. Peanut oil is typically used for deep frying.) He's probably the most technical of the chefs with numerous Michelin-starred restaurants so I'm inclined to take his advice.