I love ethanol and burn it all the time. And look, I still manage to be a hypermiler with it. Go figure.
Pro/con depends on what your agenda is. I (pro) like the renewableness of it, and the oxygenatedability, and the domestic supply, and the money savings to me too. Con... I dunno what they're all excited about. Whatever.
Acetaldehyde - Wikipedia, the free encyclopedia
Acetaldehyde | Technology Transfer Network Air Toxics Web site | US EPA