This is the owner's manual for a 99 Ranger. Check out the power ratings between gas and E85:
Alcohol cleans better than gasoline. It runs cooler than gasoline. And it's higher octane means that there's more resistance to knock (which the 3.0 is known for) and the ability to increase timing if the vehicle is truly flex fuel. Fuel efficiency does drop with e85, but the cost/benefit vary depending on your location and needs.
I live in the corn belt, and my truck would require premium thanks to the supercharger. E85 is typically ~$1/gal less than Premium unleaded, and means I can run more timing/make more power than I might otherwise. It's cheap race gas.