Advantages of grapeseed oil?
Grapeseed oil's high smoke point is good for dishes like stir frys where other oils might burn. However not as high a smoke point as Sunflower oil. Canola oil has a relatively low smoke point which will limit its applications.

In addition, Grapeseed oil has a clean flavour where as Canola sometimes has a bitter edge to it. Other oils will have their own flavour characters. Which you use is partly personal taste and partly dependant on what you eat.

For deep frying I'd go to sunflower. It's not the cheapest but not expensive either. It gives a nice crisp finish to most fried foods. If the oil is to be used cool, such as a dressing, olive oil would be my choice, simply for flavour. Since olive oil, like canola, has a low smoke piont, I wouldn't fry with it. For a high temperature frying such as a stir fry, your Grapeseed would be ideal. Also look at rice bran oil wich has a very high smoke point and clean flavour. Ideal for stir fries.