The European Shell Eco-marathon for 2006 came to a close a couple months ago. Taking top place in distance travelled for energy used was an ethanol powered vehicle, beating out the Hydrogen ones. It also beat them out in terms of GHG emissions.
And nobody but nobody can rightly claim the Hydrogen powered vehicles were just immature or inefficient:
“While most hydrogen engines use around 95% of their fuel efficiently, the Danish engineers have developed new technology, which allows 100% of theydrogen to be used in the fuel cell. “
The top 5 played outwith Ethanol in first and fifth, with Hydrogen filling the gap.
Clearly there is nothing inherently inefficient about Ethanol. Especially compared to gasoline.