It is my understanding that Ethanol increases power by reducing intake temperatures. While a fair power comparison is between 98 and E10, by all rights E10 can take 1-2 degrees more advancement because of this cooling effect.
As a point of interest, E85 has been found to have an octane rating of 96. However, the octane test is very unfair as it requires the intake temperature to be set. I dont remember the exact temp but its close to 40C. Everyone who uses E85 knows that the true octane is much higher. Boost pressures, compression ratios and timing all support this.
So, how much horsepower can be made on any ethanol fuel? It will depend apon the application its put in. Obviously the more ethanol, the more power potentual there is. Turbos work the best from the cooling effect on the intake charge. This also rolls through to the exhaust turbine as the exhaust gasses have greater force to spool the turbo earlier and harder delivering more boost. They are also the cheapest as N/A requires an increase in compression which means new pistons.
Add compression to boosted engines and the results are magical.