A couple years ago I was thinking about building an engine meant to run off of E85 specifically. I thought I would share some of the info that I picked up along the way from both local sources and online.
E-fuels will go bad faster than pure gasoline in our bikes because ethanol slowly absorbs water out of the air. Ethanol being water soluble will pull and hold water out of the air. Because of this E-fuels are actually only recommended for fuel injection systems because carbureted systems are not truly sealed systems. Also, with our bikes being almost 40 years old, the rubber gasket around the fuel cap is probably not in the best shape and isn't making the best seal which allows air, and therefor water, to get in the fuel. When I was looking at building my E85 engine I was HIGHLY recommended to run fuel injection because it's a sealed system, whereas a carbureted system would not be and the fuel would go bad more quickly.
E-fuels will run less efficient in a normal vehicle because as stated, ethanol has less power per amount as compared to gasoline. However, it also has a higher octane rating. While I never found an actual octane rating for E85, almost everyone agrees it's higher than the octane rating in even premium gasoline. I saw estimates from 105-150. What this means in the real world is that these fuels can be used in high compression engines, and higher compression engines are more efficient. So even though the power of E85 is lower than of straight gasoline, you could run it in a much higher compression engine, which would make more power per amount of fuel, thereby helping to negate the fact that the fuel has less power. The problem with this is that if you raise the compression ratio too high to run E85 efficiently, there's a good chance you wouldn't be able to run normal gasoline in the engine. You would need at least premium and possibly have to add octane boost on top of that. This leads to the problem that car manufacturers encounter, they can't raise the compression to run E85 efficiently, because a vast majority of people will not run it, and it would make it so they couldn't just fill up with regular gas.
Now all that being said, I am not for or against E-fuels as this is about the extent of my knowledge on them. My point is that all the factors should be taken into consideration.