You do need to burn more ethanol because of it's lesser energy per volume, as compared to gasoline. However, as ethanol needs less air to react, you can burn even more of it to utilize all of the air the engine is taking in. Consider how porting and cam regrinds can allow better airflow, which allows you to add more fuel, and create more power. Using ethanol will have a similar effect as what air you are getting means you can burn a proportionally higher quantity of fuel.
Gasoline: 20,700 BTU/lb, 14.7:1 stoich, 6 lbs/gal
Ethanol: 12,800 BTU/lb, 9.0:1 stoich, 7.60 lbs/gal
Methanol: 9,800 BTU/lb, 6.4:1 stoich, 6.60 lbs/gal
....From Hi performance Honda builder's Handbook vol. 1
I was wondering how bad Ethanol actually is for fuel systems. I know that it absorbs water and due to it's oxygen content it really promotes corrosion, but how bad can it be on any non-metal component?