Ethanol-Gasoline Mix, Good or Bad?

Ever since the roaring gas prices of the late-Bush era, Ethanol has been promoted like crazy. Unlike gasoline, ethanol is a fuel made mostly from corn, a source we can regrow in a short time unlike fossil fuels which take millions of years. Now it's good we have back-ups in reserve, I doubt it will stay king on top of alternate fuels,  I truly believe electric cars will outperform both when