Seems to me, E85 runs smoother with more power... I wondered if it was just in my head, so I tried to find out. This has been going on for YEARS! I think it was a 2002 Taurus I had with a Vulcan V6 and they pinged all day long. I'd run E85 and it would stop pinging and run better for a month, then back to pinging. I've actually read in a couple places that E85 makes a bit more power. Since I've always run a tank of E85 here and there in place of fuel treatment to keep the fuel system and build ups cleaned out, I've tried to figure out what's real and what's hype. The only consistent info data of E85 versus gas I can find = E85 burns cleaner and is more corrosive so it cleans things out.
I can't tell if there's a definite on how much more power it makes but several tests show it does make about %5 more power. On the other hand... Premium fuel doesn't seem to increase power any if your motor is rated for regular pump 87 octane. E85 does burn faster so your MPG will go down, but I've been getting 17 on the current tank I'm running through, so the drop isn't unbearable... especially at the $1.99 a gallon I got it for.
Of course, this info is from the internet so the reliability is not uniform. The one thing I did take away from what I've read is - If you have a flex fuel vehicle that calls for cheap regular gas, they don't seem to increase power if you move up the octane scale, but will see slight power increase with E85. Vehicles that require Premium or higher octane, don't see power increases with E85. I assume the factory tune for 87 pump allows for you to increase and the factory tune for Premium pump doesn't allow you to decrease. This is probably why a "tune" will require a specific octane. There is a sensor but it's not that easy. They can tune for octane but you still have fuel supply and corrosion issues associated with E85.
I have tried to find tunes for E85 and they do have them, but they're very specific to engine and very limited in number. I've searched for an E85 tune because my thinking was... If they could tune it for E85, keep the power level the same and keep the mpg the same = that would be a real money saver! Unfortunately they just seem to tune E85 for racing and daily driving isn't a priority.