Interesting discussion.
Adding alcohol to your Petrol has always been a way to control detonation and futher cool the combustion chamber.
Just adding it straight to your fuel has been done for years in many cities too. (Figure this is in the 10% or less range, mostly to oxygenate the fuel, and to help displace water trapped in fuels/tanks etc.) Your "Heet" type products are just pure alcohol.
So, E85, being 85% alcohol is big time over kill on the additive portion of the deal, really petrol becomes the "additive" and your basicly running an alcohol fueled vehicle with a splash of 15% petrol.
As Figgie notes, you generally need about 2x the fuel when running a pure alky based engine compared to petrol. (Gas.)
There is less chemical energy pound for pound, so you get less miles per gallon. (This is why diesel engines get better mileage, they have more energy per unit than either gas or alky.)
The ultimate engine might be a turbine that can adapt to whatever fuel you feed it. (Like the Abrams tank turbine engine for example.) Drop by McDonalds for some used fry oil, then hit the Diesel pumps later for a fill up, and then the E85 on the way home. The engine has a sensor that allows any combustable fuel pretty much to be run, and in various concentrations of it in the tank. (The engine figures out what's being run, and adapts accordingly from what I've been told.) Pretty cool setup. Too bad it's attached to a huge tank.... LOL (And we thought the Supra was heavy...)