Found this.
The smoke point generally refers to the temperature at which a cooking fat or oil begins to break down to glycerol and free fatty acids, and produce bluish smoke. The glycerol is then further broken down to acrolein which is a component of the smoke. It is the presence of the acrolein that causes the smoke to be extremely irritating to the eyes and throat. The smoke point also marks the beginning of both flavor and nutritional degradation. Therefore, it is a key consideration when selecting a fat for frying, with the smoke point of the specific oil dictating its maximum usable temperature and therefore its possible applications. For instance, since deep frying is a very high temperature process, it requires a fat with a high smoke point.
Considerably above the temperature of the smoke point is the flash point, the point at which the vapors from the oil can first ignite when mixed with air.