Ethanol is a fantastic source of energy, but the market for it here in the US is a farce. We get it from corn, which is not a very efficient means of producing it. Look at Brazil, they are nearing complete energy independence, and get their ethanol from sugar cane waste; even the factories that make it run themselves mainly off of the very ethanol that they make. Very cool stuff, if you haven't read up on it, check it out.
Lots of aftermarket turbo guys love ethanol because of its high octane tuning capabilities, but there's not a huge plus for daily driver use here in Houston, price of 87 is consistently low and nullifies the price advantage.