After watching "60 minutes" on Sunday I became curious about E-85 also. Using google I found a write up were The Universtiy of Nebraska - Lincoln converted a 1999 GM pickup to use E-85. The documentation is very descriptive and highlights every aspect of whats required so the engine isn't damaged, and emissions meet federal standards. Ethanol should be seriously considered for domestic vehicles, the US needs to do many things to reduce its dependence on foreign oil; this could be one strategy.
Unfortunately the E-85 conversion isn't easy. The engine compression might need to be changed, the fuel system hardware will require major modifications due to E85's corrosive nature. The fuel system electrical components will also require changes since ethanol is more conductive than gasoline and its anodic & cathodic influences on some material have to be handled.
University of Nebraska - Lincoln E-85 project 
