It's not nearly as bad. Not even the same ballpark. That being said, regular processed on the shelf in your supermarket oils still aren't good for you and they throw your omega 3 to omega 6 ratio out of whack with too many 6's.
Bottom line: If you are eating foods out of a box, you shouldn't be eating it. Make it the food an occasional treat or the exception.
In the past hundred or so years, our consumption of meat and butter has fallen, while our consumption of these oils has risen dramatically. We've had a rise of obesity and heart disease. Is there a connection?
It depends on what you plan to do with it. I wouldn't bake with it because the strong flavor might make the end product taste different.
Sauteing is not bad, in my opinion. Because olive oil is mostly monounsaturated, it's not as unstable as flax oil or other types of polyunsaturated oils. Just keep the heat under control (to avoid smoking), and there's little worry.