Just to correct you, we make ethanol, not methanol, from sugar cane. By now, it's proven technology: In my whole life I had, perhaps, two cars that ran on gasoline and could not run on ethanol. The other ten or so all ran on ethanol. My wife has one of the newer "flex-fuel" models that, I joke, can run on anything flammable, while my own car runs on ethanol only.

According to local auto magazines, ethanol running engines last longer and are in general better shape after long-duration tests than gasoline running ones. After having a major engine problem (I was 19 and I pushed it waaaay too hard) I can tell you the blown engine was very neat, with little to no sign of carbon build-up or corrosion. Even after a very unhealthy period of abuse by a then much more adventurous motor sports fan.