I actually just put tranny fluid in, I didn't look or smell wierd when I checked it last week, just low, and what exactly do you mean by ethanol content? As in what I use at the pump? Cuz I just use the regular stuff, all I can afford.
Ethanol has less "energy" per gallon than gasoline, just like diesel fuel has more "energy" per gallon than gasoline, which is why diesels have better MPG numbers.
So if you use a 10% ethanol, 90% gasoline mix you can expect less MPG than 100% gasoline, but it's not a direct relationship, i.e. you wouldn't get 10% less MPG in the above mix example.
Just FYI, Octane is not an "energy" rating, Octane is a heat rating, a higher octane number means the fuel will "self ignite" at a higher temperature.
High compression engines need to run a higher octane number because lower octane fuel will pre-ignite with the higher compression, so pinging and knocking.
Reports of better MPG with higher octane fuel is a myth, BUT...big but, that is if you are talking about 100% gasoline in the compared fuel.
Often Regular gas has ethanol added, and Premium doesn't, so in that case the ethanol would lower the MPG in the regular gas, it isn't different enough to justify the cost difference but it is real in that respect.
Premium fuel "burns cleaner", another myth, Premium fuel has additives to "clean" fuel delivery systems, which helps your engine run more efficiently, but a can of Seafoam($7) once a year will do the same thing.
In BTUs
Ethanol 84,600 BTU/us gallon
Gasoline125,000 BTU/us gallon(regular or premium)
Diesel 138,700 BTU/us gallon
A 10% ethanol mix would be about a 2% drop in MPG, so if you got 20mpg with 100% gas, you would get 19.6mpg with 10/90 mix.
so Ethanol has less energy but does increase Octane level when added to gasoline, gas that is 87 octane will be 90 octane with 10% ethanol added, this helps prevent pinging and knocking.
Ethanol also absorbs water from the fuel so helps prevent fuel line freezing in cold weather.