Actually, here are the numbers:
Gasoline (base) 114,000 BTU/G
Gasoline (E10) 111.836 BTU/G
Ethanol (E85) 81,800 BTU/G
Ethanol (100%) 76,100 BTU/G (66% BTU of base gasoline)
Winter blend gasoline (E0) 112,500 BTU/G
But when the engine is designed primarily for something like E85, BTU has little to do with anything. Cummins has developed a 2.8L inline engine that primarily uses E85. Results? As much power as the 5.7L Hemi V8 and better fuel economy. Ricardo has done similar. Took a small block GM V6 (3.4L I think) and redone to use E85 primarily. Beefed up guts. Result? As much power as the 6.6L Dmax diesel and similar fuel economy.
The BTU content of a fuel is not that big of a deal except in the same motor. And our gas motors out here on the road were designed primarily for gasoline, even the flex fuel ones. When a motor is designed around it's primary fuel is E85, then the full capability of the fuel can be realized.