I have been baking with coconut flour for a few years now, I don't eat any grains so it is great for us. It lends itself very well to sweet cake/muffin/pancake recipes well but you can't just sub it into a recipe instead of other flours - it will be a disaster! You need to have a proper coconut flour recipe to start I think.
Coconut flour is very, very thirsty flour and also, it doesn't have anything to bind it with and so it needs loads of eggs in the recipe.
There is heaps of recipes using it at
www.simplycoconut.comAnd saying that, I am about to make coconut pancakes for the family for breakfast! With blueberries and pure maple syrup, yum!