Hearsay and conjecture.
The fuel system wasn't designed specifically for Ethanol. That does not mean it's not compatible with it.
People will say 'you'll run lean and blow up your engine'. Though the possibility is there, the odds are low. As far as the fueling is concerned, nothing in the system knows what type of fuel you're using. All it knows is that it's shooting for ~0.5v average during closed loop and a preset Short Term Fuel Trim during open loop. Providing the injectors can supply enough fuel, these presets will be hit even on E-85.
The Flex Fuel vehicles have an added Ethanol content sensor that measures the specific gravity of the fuel. Ignition timing is adjusted according to Ethanol content.
Yes more power can be made on Ethanol than pump gas. But it is also correct to say that the majority of the time this will not be the case unless you can adjust the ignition timing to take advantage of the added Octane.
Best advise I can offer is that if you wish to try it, please do so safely and know the risks going in. It would also be a good idea to be able to view live data; that way you have a little warning if something isn't going well.