lots of those crazy racecars run pure meth or eth, stated as "alcohol" so there must be something good about it. top fuel dragsters run nitromethane. but that's really expensive.
the only reason they put the gas into E85 is because of cold starts and because of the water mixing thing that was mentioned earlier. GM is working on a way to fix the cold start problems so maybe they will be able to run on pure alky one day.