Ethanol is awesome for its octane rating but has less energy content than gasoline so it lowers MPG. It also turns to corn syrup in carburetors and injectors and eats some rubbers.
Old school probably is more favored towards carburetors and reliability, whereas new school tuners probably like the relatively cheap high octane for boosted applications.
Me particularly, I have had far too many carbureted japanese superbikes die on be because of ethanol to have any respect for corn ethanol as anything other than a beverage.
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