Ethanol is not a bad thing... good for bourbon and all that.
Fuel ethanol SHOULD be made from sugar cane, sorgum, sugar beets, etc. for 4 times the ethanol per acre as corn, or from switchgrass for even more efficiency. But that will come with second generation biofuels - when politicians and the corn growers get out of the issue. It is not going to cure the current fuel issues, but it does help to reduce the fuel imports and keeps the tree-huggers happy.
Now for gearheads, E85 is a dream come true. 112 octane, great vaporization, improved power/torque, etc. If the engine is built for E85 (increased compression, boost, timing, intake and exhaust designs, etc.), the mileage is the same or even better - despite what you may have heard from those who have never run it.
With the recent availability of E85 locally, I am highly interested in converting one of my bikes and possibly a new hotrod project to be run on E85 exclusively. However, I can buy pure methanol at USD $1.75 per gallon. Even at a rate of 2:1 compared to gasoline, methanol is looking like a great value.
If you have never experienced the torque/fun of alcohol based fuels, I highly suggest it. A splash of nitromethane (at 10%), and it even tunes like gas.