Canola honey is one of the primary honeys available in my province (along with alfalfa), so I'm fairly used to it, though I'm fairly new to meadmaking. As fatbloke mentioned, it does crystalize fairly quickly, which is why it is typically sold creamed, as a table honey. I have made mead with it before, and it turns out just fine, though without what I understand are some of the more exciting aspects of a monoblossom honey like OB.
For flavour, I would say it has a bit of a mild buttery flavour, very smooth, and very sugary. I love it.