I believe that using virgin olive oil is excessive for frying but an old friend in Milan who operates a well-known restaurant Aimo & Nadia only uses virgin oil.

I find that olive oil flavors the foods but not in a way that interferes with the pleasure of the foods. I read, one advantage of using olive oil for frying is that it forms a crust on the surface of the food that impedes the penetration of oil and improves its flavor. But I am not 100% convinced. It is definitely an oil that is better suited for frying when compared with most other synthetic oils. But at the same time, sunflower oils is said to be as good: http://www.bbc.co.uk/news/health-16691754

Food fried in olive oil has a lower fat content than food fried in other oils and is one of the tastiest for frying.

When heated, olive oil is the most stable fat, which means it stands up well to high frying temperatures. Its high smoking point 210º C is well above the ideal temperature for frying food 180º C. The digestibility of olive oil is not affected when it is heated, even when it is re-used several times for frying.

http://www.internationaloliveoil.org/estaticos/view/85-frying-with-olive-oil