Absolutely. It takes a heap of energy to 'grow' ethanol, so I hope it's not our future fuel. I think electricity (wind/solar) will be the future residential 'fuel'. And electricity/hydrogen will be the future fuel for automobiles. Let's hope so anyway. We could of course just start riding bicycles and walking.
I always thought it was "bio fuel" made of of stuff like rapeseed which was gonna replace petrol, perhaps if they made a hybrid engine which could used the water from the combusted alcohol afterwards, that'd be cool
I remember writing an article on this but sadly I can't find it anywhere. It is going to be the next big thing but not imminently because you get more energy per gram of conventional fuel than you do biofuel - it also takes considerably more effort to grow and harvest your biofuel crop than it does to use oil refineries already optimised for the process of cracking oil. Give it another decade or so. As for electricity needs there's no option more efficient than nuclear, despite fears of radioactive release and other scaremongering.
All I know, is that in 'the future' I'll be driving "a go-cart powered by my own sense of self-satisfaction" a la Ed Begley Jr.
I'd have to go with a tri-fuel engine http://media.ford.com/newsroom/release_display.cfm?release=22295