I'd class myself as a motorhead and I'm totally in favour of ethanol. Sure it's less calorific than petrol, but it's vastly higher octane, and it burns a lot cooler and more completely. Basically meaning that if you run a higher compression engine (which you can because of the octane rating) then you can close the gap on the petrol advantage.
Another result of the better burn is far fewer emissions, which petrol engines need to be tuned for. I'm not sure on the numbers, but what if you didn't need the power/economy sapping catalytic converter anymore?
It does however, have to be neat ethanol to take full advantage. The flex fuel cars are hampered by the petrol component, but if Brazil can do it then why not everyone else?