Sure you can make a lot of power on ethanol. Which acts similar to alcohol. I'm not disputing that. However, the consumption of fuel is increased to put that power out.
A gallon of e85 has about 80,000 BTU's of energy.
A gallon of gasoline has 124,800 BTU's of energy.
So it takes about 1.56 gallons to drive the same distance as it does one gallon of gas. That's in an engine with low enough compression to still run gasoline. So if the engine were built with a higher compression to ONLY run on e85 you could overcome some of the loss due to e85's higher octane.
Ethanol is a scam IMHO though...