It's amazing how much mythology persists around alcohol fuel.
When I first started researching alcohol fuel I too believed that it would eat away at my fuel lines, spark plugs and that I was going to need a carburated engine with some extensive modifications. Now, I know that FI is the way to go.
Yes, some vehicles you can use E85 without modifications because the ECU will automatically adjust for the conditions without caring whether it's alcohol or gas.
No, pouring staight E85 into an unmodified engine will not hurt it. If you are concerned that it will perform poorly on it, then only do half a tank so you can add more gasoline.
Yes, alcohol nets a lower milage but only because the engine is not properly tuned for it.
Alcohol will not eat away at your fuel line unless you have real rubber hose which is highly unlikely since most manufacturers only make synthetic rubber lines.
Ethanol is not corrosive but methanol is.
Alcohol burns cleaner and the engines runs cooler which extends the life of the engine. If you are concerned about alcohol washing away your engine lubricant then switch to a synthetic oil.
That's all I can think of off the top of my head and I am sure I didn't address all the concerns. Those that are interested in converting to alcohol should read David Blume's book, "Alcohol can be a Gas" and those that say negative things about alcohol fuel should read it twice.
P.S. journeytoforever.org rocks!