A smoke point is the temperature that fats breakdown.
They are different for Canola Oil, Butter, Olive Oil and many more.
Smoke points of fats used can affect the flavor of the resulting sauce.
http://www.goodeatsfanpage.com/CollectedInfo/OilSmokePoints.htm is a website that has a list of the smoke points for various fats.
The closer you get to the smoke points of your fat of choice, the more the flavor begins to change.
This is a great resource to use in order to select a fat for a particular dish as well.
For instance if you know you are going to cook something at 500 degrees F, you would not want to use butter whose smoke point is at 350 degrees F.
Use these tips to create truely flavorful dishes that can of course be enhanced by great wine!