A friend recently sent me a one-page press release from an ethanol lobby group that purported to debunk "myths" of biofuels. Our ensuing discussion helped me clarify why even people who once were excited and optimistic about biofuels (like me) are now so opposed to production subsidies (as opposed to R&D).
My friend asked (paraphrasing), "If not biofuels, then what?" and noted that what we're doing now -- "squeezing oil out of rocks" -- is not exactly good for the planet.
For me, the bottom line is simply this:
Ethanol is no more a renewable fuel than hydrogen is.
Rather, ethanol is a way for us to consume natural gas, diesel oil, and coal (not to mention a huge volume of water and vast acreage of cropland) to make motor fuels. All this is on top of serious problems raised by studies about land diversion for carbon emissions and food availability.
It's important to remember that fossil fuels are biofuels (fuels made from once-living matter), so using that term alone isn't helpful.