Please, if you don't know about ethanol fuels, refrain from spreading the usual anti ethanol myths.
It's an excellent fuel. ALL fuels are subsidised or cost money to transport and refine, if you look past the uninformed BS, it's a very cost effective fuel, if it's allowed to compete on a level playing field.
As for being corrosive and eating components, no it doesn't. I've been running my 21 year old 2.3 turbo Volvo on E85 for 8 months now and the only mods I've done are larger injectors and winding the boost up a LOT to take advantage of this excellent fuel's combustion chamber cooling abilities and high octane. There are additives in regular gasoline that are far, far more corrosive and damaging than what you'll find in E85. As for handling issues and water contamination, I just drive the car and fill it like any other fuel. The car also sits for a week or more at a time in between uses, so it doesn't suck entire thunderstorms out of the air and turn the fuel into water either.
I don't know how the Toyota EFI would adapt, most ECU's just try to maintain stoich when in cruise etc so they don't care, as long as they have enough extra injector to get there and not go outside pulsewidth parameters. You just size injectors to suit WOT and the ECU will take care of everything else 99% of the time.
You will get some ethanol in the crankcase, just as you will with gasoline. Normal oil changes and regular longer trips will eliminate this, just like existing fuels. Short trips means shorter change intervals. Not really relevant.
My fuel economy is about 10% worse than when optimised for the premium unleaded it required before and E85 is approximately 30% cheaper here than the premium fuels, so I win.
E85 is a very hard fuel to get to knock. You can happily keep winding in boost and ignition advance till you melt stuff. It is also very forgiving of running rich, so you can use a lot of excess fuel to keep combustion temps down and still make mondo power. It is a very, very forgiving fuel to tune with.
When you in the US start seeing E85 producers go over to other feedstocks like sugar cane, THEN you will see how affordable and cheap this fuel is to make and how it can compete without any subsidies. Cane derived E85 is an excellent fuel, the cane produces a primary product (sugar) and the E85 is manufactured from the green waste. A huge win /win.
E85 is only in it's first stages of development, there are plenty of exciting new processes coming online now to produce ethanol, including from green waste. It is a fuel of the future and it is here now, so use it, it's only going to become easier to find.
Remember, your corn producers have been receiving subsidies for well over 30 years, so subsidising E85 is just another form of that in your country. Don't blame the fuel as such, blame your government for stifling growth into other crops they could be growing. E85 is a pleasant side benefit of this protectionism. You are paying for it anyway, so why not use it?
Petroleum fuels are expensive, filthy and coming to the end of their economic lives, make the switch and enjoy!