First, a disclaimer. I own a company that makes dielectric fluids, including vegetable oil fluids, and am a competitor of Cooper's (some of you probably know me).
The good thing about vegetable oils is their high firepoint and high rates of biodegradation. They are all good dielectrics, and they all have adequate cooling performance, especially since most manufacturers are used to working with fire resistant fluids now.
Vegetable oils can be used to retrofill transformers that were originally filled with standard transformer oil. The high firepoint of the vegetable oils helps ensure that the end result of the retrofill will have a firepoint above 300 C.
That being said, all vegetable oils have a glaring weakness: oxidation stability. Some oils will pass standard oxidation tests and some oils won't . Even the ones that do pass these standard mineral oil oxidation tests aren't as stable, to my knowledge, as standard D3487 transformer oil.
Just because the ASTM standard doesn't mention oxidation stability of these oils as a criterion doesn't mean that it's not important. The buyer should determine what criteria are important to him or her, and check with the supplier to make sure that the oil that he's considering meets these criteria.
I hope that I've been successful in keeping this post non-commercial, but it's something that I feel needs to be understood. I could say a lot more on this subject, but given that there are so few suppliers of vegetable oil dielectric fluids, it would be too commercially oriented.