E85 results in a 25-30% decrease in fuel economy, but a slight increase in engine power.
E10 which is always used here in Missouri, would result in a slight decrease in economy, but it would be too marginal a difference to really make much of a difference.
I have a flex fuel Ranger, and 90% of the time I run E10, but every now and then if I'm in the area, I'll fill it up with E85 (There are only two stations in my area that sell it right now.. neither of which is convenient).
My truck loves the stuff.. runs much smoother.. peppier... kind of like giving it a treat. It's also about 30-40 cents cheaper than E10 here, but still more expensive to use in the long run. It also cleans out the fuel system nicely!
I agree, there are much more efficient ways to get ethanol other than Corn.. and we'll get there eventually, but Corn is the big thing right now.. for whatever reasons.
I'm kind of thinking this is a bit of a "test" to see how well we can adapt to alternative fuel sources... Looks like we're failing.. miserably.