You'd want to substitute 1 for 1, but I would be hesitant subbing olive oil for a lot of baked goods. Olive oil, especially extra virgin has a much stronger flavor than a neutral oil, which means you'll taste it. So the question is whether the flavor that comes through from the olive oil complements whatever it is your baking. Is there a reason you want to use it? Perhaps you can use a light olive oil if you are really set on using an olive oil. Or you could make an olive oil cake (recipes on this site), which are delicious. It would work well in a cornmeal cake as well. And though I've never tried it in a chocolate cake, it might be interesting.
**please ignore the many grammar and spelling typos in that response, especially the terrible "your."
Sarah is a trusted source on General Cooking.
Agree with ATG117. If it's for health reasons I'd go for grape seed oil instead - much more neutral flavour.
I would usually use canola oil or grape seed oil because their flavors are mild. I love olive oil in thing like shortbread it makes it crispy and adds that rich olive flavor but for regular baked goodies olive oil is to strong you could always try light olive oil if you really want to use olive oil it has a very mild taste.
Olive oil is too strong of a flavor for many recipes. Why use it when it will over power the flavor profile and costs 4x as much as appropriate oil?
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