I've been doing a lot of research about it this morning and it seems it's a great alternative to using race gas (expensive) and regular premium pump gas (increased chance of detonation, charcoal deposits). This is what I've gathered from reading up on it this morning.
E85 is a mixture of 85% Ethanol and 15% Unleaded Gasoline but yeilds an octane rating of ~110. This is one of the more widely available Ethanol mixtures available here.
While I've read from some people that Ethanol is super corrosive to rubber seals and fuel lines and recommend upgrading to stainless lines, anodized fittings, etc. I've also read many more other people saying it's completely harmless to their stock fuel systems and have been running it no problem.
Another amazing benefit from Ethanol is that its combustion temperature is about 200 degrees celcius lower.
Using Ethanol also eliminates charcoal deposits in your engine and actually cleans out the engine.
Ok, now for the 'downsides' because we all know that with the good, comes the bad. Ethanol has a lower density than regular unleaded pump gas which means lower gas mileage, and more Ethanol needed to create the same power. Your Ethanol consumption would be roughly 33% higher than regular pump gas just to give you a vague idea of how consumption would change. This means you'd need bigger injectors to push about 33% more fuel through them or tune your engine management system to accomidate the extra Ethanol needed.
Anyways, I'm mainly just curious if anyone has tried the Ethanol fuels in their cars and what their feedback is.