http://www.health.harvard.edu/healthbea ... 6.htm#art3
I did some searches through Google Scholar as well and didn't find anything compelling about it, when taken orally or topically.
In spite of the flags, I think the wikipedia article is pretty well-referenced in the Health section. http://en.wikipedia.org/wiki/Coconut_oil
The only claim made there for it as a topical treatment, with a (needs citation) flag, is that it helps a genetic skin condition as a moisturizer. Sure, I'd rather use it than petroleum jelly.
I got interested because I've been cooking with virgin coconut oil for a while, for just about anything that needs to be heated higher than olive oil's smoking point and won't be ruined by the taste. Since I use it rarely, haven't had red meat or poultry in ten years, and don't eat a lot of buttery/cheesy foods, I'm not concerned about the saturated fat content. I'm skeptical about significant health benefits though, regardless of what Dr. Mercola says as he's trying to sell it to you.