That question has a lot of different answers, hahaha.
Ethanol has fewer btu's per unit than gasoline, but a higher resistance to knock.
In a conventional gasoline engine, you'll consume the same amount of fuel regardless of concentration of ethanol, but make less power the higher the concentration at any given engine speed.
In an engine designed to utilize dual-fuels, the higher the concentration of ethanol, the more fuel you'll consume, but power will stay relatively the same. In a naturally aspirated dual-fuel engine, the ignition timing is advanced the higher the concentration of ethanol, and in a f/i dual fuel engine, boost is increased as ethanol concentration is increased.