Doordie,
E85 has been available for quite some time,here in Michigan. The farmers like any product that will raise the price of thier crop, so in that respect it is good.
The vehicles that were designed and built to run on E85 are supposed to have an extended cranking time to get them started and the fuel mileage drops considerably. I have heard rumors that the performance suffers when using E85,but I have not confirmed that . I have been told that the fuel cannot be used in cars not designed for it, as it is corosive. The fuel tanks and lines have to be plastic, the pumps and injectors also are made of non-corrosive material possibly stainless. I do know when E85 is run in a non-e85 car, the computor will set a lean run code.
As time goes on we will learn more about E85, and possibly the fuel formula will be improved to counteract the negative aspects. I am not going to be the pioneer this time, someone else can volunteer thier carb and time.
I hope others can post more information on this subject to dispell any myths or rumors.
John
PS I am converting my Isetta from a Bing 22mm to a Mikuni flatslide pumper 33mm.