I think that's probably the distinction though; EVOO has a much stronger flavour than the more plain OO. The latter is totally ok for a saute, or sweating off veg for a sauce etc, or roasting but as you note with a lower smoke point not so great for say doing steaks, or stir-frying - and far too expensive for deep-frying!

Oh, if I was (shallow) frying with olive oil, it would be for the olive flavour. Smoke point hasn't really been an issue, you can still brown things just fine using olive oil below it's smoke point.