Olive oil is assessed on three criteria - fruitiness, bitterness and pepperiness - the flavour, smell and colour can vary radically, both according to its origin, as well as whether it's extra virgin (the finest grade) or not.
Generally speaking, the hotter the country, the more robust the flavour of the oil. It is also possible to flavour olive oil with herbs and spices by steeping them in the oil for ten days or so (though chilli needs far less time).
Extra virgin oil is the most expensive type, and is made from the first cold pressing of the olives. It has a very low acidity rate (under 1%) and is best used for dipping or to dress salads - both because its superior flavour is impaired by heat and because it has a low smoking point.
Virgin olive oil is also a first pressing, but has a slightly higher acidity level (under 2%). It should be used in much the same way as extra virgin, and can also be used to cook Mediterranean dishes to create an authentic flavour (but should not be used for deep frying).
Refined to remove its impurities, and blended to improve flavour, pure olive oil is the cheapest olive oil there is. Its flavour is quite bland, so it's not worth using it on salads, but it's a good all-purpose cooking oil (again, don't deep fry with it).
Greek olive oils are herby, fruity and sometimes peppery - good all-rounders.
Source: bbcgoodfood
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