I believe you mean E-85.
The main problem is that it has considerably less energy per volume than gasoline/petrol; it will run very lean, possibly burning your engine up, if it will even run at all.
Since 10% ethanol fuel is, and has been, widely used without much, if any, trouble, probably most materials in fuel systems are compatible since the '70s.
I don't think environmentalists are much in favor of ethanol as a fuel since the only way it's economical is if labor's really cheap and you're not using corn/maize (see Brasil); otherwise it takes just as much, or more, petroleum to produce the same energy as if you used petroleum in the first place.
Politicians, on the other hand, are purchased in wholesale lots by the farm lobby, and are often fueled by ethanol.