Well, you prob'ly know that ethanol is a cleaner, so using E85, your fuel filter will have to be replaced soon after you start using ethanol. I've read that a 2micron filter is required. Then, the water molecules in the fuel are going to bond with the alcohol and pass thru the filter into the combustion chamber, so that will not produce the octane needed to produce the same amount of power without increasing your compression.
But, it's definitely a cleaner burning fuel, so we should all probably be doing it.
Other than upgrading the fuel filter and adding a water separator, you might have to be concerned that the 85% ethanol/ 15% gasoline mix might be detrimental to any rubber parts-
have you been to this site?...
www.drivingethanol.org/aspx/why_ethanol/performance.aspx