Yes, margarine is a fully hydrogenated oil, with flavoring added. It is not good for you at all.
This is from Wikipedia:
"Hydrogenation is widely applied to the processing of vegetable oils and fats. Complete hydrogenation converts unsaturated fatty acids to saturated ones. In practice the process is not usually carried to completion. Since the original oils usually contain more than one double bond per molecule (that is, they are poly-unsaturated), the result is usually described as partially hydrogenated vegetable oil; that is some, but usually not all, of the double bonds in each molecule have been reduced . This is done by adding hydrogen atoms which bond to the carbon, thus occupying a place in the outer orbital of the carbon which would have otherwise been used to bond with the next carbon in the fatty acid chain.
Hydrogenation results in the conversion of liquid vegetable oils to solid or semi-solid fats, such as those present in margarine. Changing the degree of saturation of the fat changes some important physical properties such as the melting point, which is why liquid oils become semi-solid. Semi-solid fats are preferred for baking because the way the fat mixes with flour produces a more desirable texture in the baked product. Since partially hydrogenated vegetable oils are cheaper than animal source fats, they are available in a wide range of consistencies, and have other desirable characteristics (e.g., increased oxidative stability (longer shelf life)), they are the predominant fats used in most commercial baked goods. Fat blends formulated for this purpose are called shortenings.
A side effect of incomplete hydrogenation having implications for human health is the isomerization of the remaining unsaturated carbon bonds. The cis configuration of these double bonds predominates in the unprocessed fats in most edible fat sources, but incomplete hydrogenation partially converts these molecules to trans isomers, which have been implicated in circulatory diseases including heart disease (see trans fats). The catalytic hydrogenation process favors the conversion from cis to trans bonds because the trans configuration has lower energy than the natural cis one. At equilibrium, the trans/cis isomer ratio is about 2:1. Food legislation in the US and codes of practice in EU has long required labels declaring the fat content of foods in retail trade, and more recently, have also required declaration of the trans fat content.
In 2006, New York City adopted the US’s first major municipal ban on most artificial trans fats in restaurant cooking."