Yeah, E85 has about 75% of the energy that 100% gasoline has. So all things being equal, you'll only get about 75% of the fuel economy. But the actual fuel economy widely varies even among FlexFuel vehicles. Some get very near 85%, others don't even get 70%. The one interesting thing is regardless of the engine, E85 usually gives the engine about 5% more power than gasoline. I've never read a reason why. I'm sure it's a combination of things...
Anyway, yes I do take discussions probably a little too seriously. Mainly because I want people's hatred for ethanol to be properly placed. Ethanol as a fuel is not that bad in vehicles that can handle it.
It's mostly the politics surrounding ethanol (i.e. it being forced on people against their will) and it being made from corn despite corn being a pathetic feedstock for making ethanol that should be the reason for the hatred for it. Anyway, thanks for the discussion and the followup.