I have been running E85 for about 2-3 weeks now and might I say the stuff is amazing. The gas milage drop was minimal, maybe 2MPGS max?

Let me give you the current mod list:

HAI
SSAC Headers
HP Tuned
3.2 Pulley (Yes. A 3.2, this is not a typo.)
E85

E85 is about 105 octane and acts like a race gas, allowing you to run very small pulleys with NO KR. Currently I am running a 3.2 w/ 20* of timing at the top end.

The story behind the switch.
One day I decided I wanted to switch to E85 just to see what the difference was if any. After reading all over the net about the stuff, I came to the conclusion that yes I want this, so I went out and bought 60# injectors, headers, HP Tuners and started teaching my self to tune. With the help of a friend of mine we had the car running E85 with in two days (We went slow ok? lol). This was still on the stock pulley, and I could already feel a difference in power. Some people were saying you can gain 50 whp just from the switch; however, I would go that far, I would say maybe 15, but who cares about that if you can run a smaller pulley just by using a different gas. Now on regular 91 octane I would still KR 2* at the top, once I started using E85, there was no KR.
Once we got the MAF tuned, and the Injectors tuned and the car running in check again we started to add timing, first 2 degrees, still no kr, then another 2, still no kr then we hit 20-21* of Timing and still no KR, we quit there as I read somewhere not to go above 21* of timing.
A week later I ordered a 3.2 pulley and a 160* T-Stat put that on, re tuned it all, still at 20* of timing w/ no KR even on 96* weather. Amazing.
As of current I am taking a break from modding and just playing with what I have now. The car is stupid fast for a "grocery getter" -- as the local ricers so kindly call it -- and I am very happy with the outcome.

Price
When everything was said and done I put about 1k into the car to get it to this point. e85 is at 3.09-3.19 depending on where you fill because of the stupid drought. Last year it was around 2.60 for a gallon of e85. Right now I am spending about 10 bucks more on fuel every month or so which I dont mind for the power and when e85 drops again in price , and I stay off the gas, Ill start to save a bit of cash.

If you are thinking about doing E85 and have access to it. Do it. The stuff rocks. Runs great. Smells great. Is Greener, and you get more power. Oh, and OPEC doesn't get your money anymore. (AMURICA! :P)

Any questions feel free to ask, Ill answer it to the best of my ability. Thanks!