Having seen the heartbreaking destruction (as well as illegal logging) of ancient rainforest in Malaysia to make way for palm oil plantations, this can only be a good thing.
As well as the environmental benefits, the replacement could offer significant solutions for the food industry allowing manufacturers to satisfy increasing consumer demand for lower fat, healthier food products.
That makes it sound like it's not a fat at all, which is... interesting.
EDIT:
Not just a fat, anyway, in light of this passage:
a novel ingredient composed of a linseed industry by-product, fibre and rapeseed [canola] oil
This is a very confusing post, because saturated fat is not nearly as harmful as trans fat, which is hydrogenated fat, generally done to make unsaturated fat behave like it's saturated making it harder. Trans fat is extremely unhealthy, while many oils like Omega 3-6-9 are saturated fats, but are essential to your health.
But I absolutely agree in your skepticism about a "created" saturated fat. There is very good reason to be skeptical about any industrially modified oil or fat.
Palm oil is popular because it's cheap. That's why it substituted all other fats in most products. Is this cheaper? If not, it has no chance to replace palm oil.