The new (July) issue of Car and Driver has an excellent 6-page article discussing E85 and the hype around ethanol-based fuels. The bottom line is that corn-based ethanol will likely never replace more than 10% of the gasoline supply... unless we can efficiently learn to produce more cellulose-based ethanol which is still decades away.

Sorry I dont have a link for you guys. I would strongly suggest going out and picking up a copy or just stand at a Barnes & Noble for 10 minutes and read it.