In model engines, diesel and gasoline burning engines seem to develop less horsepower, but tend to burn far less fuel. In a full-sized alcohol IC engine -(turbine or piston)- would you think that you would burn significantly more fuel than a petroleum engine?
Alcohol burns darn clean and is renewable- I hope to see it as a primary fuel source too. Methanol is pretty cheap in technical grade; perhaps all that is needed for it to become economical is a way to dry it cheaply.