I've run e85 for a while now, with great results.... Yes, cold wether (CO) sux, and it's harder to start, but you can't have your cake and eat it too!!
That's just one of the characteristics of alcohol, it doesn't vaporize in the cold very well. So I crank a little longer....I can deal with that for the added boost. I also have a customers evo and an employee running it on his honda.
Cost wise, it's really nothing. You pay ~30% less, but you use ~30% more.
You do need something to tune it, I use AEM, but for whatever the mixture of e-85 vs 91 (or 93,104,110) you have to use a different tune. If you tune for 100% e85 then delude the mix with 91 you're going to be running rich, and may have too much timing for the lessened octane. Or if you tune for a 50/50 mix, and then run 100% you'll run too lean.
The way the stock "flex-fuel" vehicles get away with it is by giving the O2 feedback a quicker response time and more discression over the control. Since the O2's really read in "lambda" they're after a specific voltage, reguardless of the fuel type used.
This being said, depending on your system, and the controll alotted to the O2FB, you can very the mixtures without any problems. Stock ecu's usually have a +/- 20% discression. But if you stay close or past that 20% it will trip a CEL for rich/lean bank1/2 code...
UPP