This has been discussed before, but I just read it in Joe Wagner's column in Model Aviation (July 04). He claims a small gain in performance with fuel containing 20% water.
All these years we have been warned about moisture in our fuel. When we can't find the problem for a bad engine run we are advised, "Try some fresh fuel, you may have gotten some water in the stuff you are using."
I note Joe is from Ozark Alabama . . . . maybe the streams coming down from the mountains have some stuff that just looks like water - run off from the local still. :-)
Or the revenuers are told that those jugs under the straw in the back of the pickup are only just water . . . and that's their story and they are sticking to it. :-0
Engines mentioned were a Johnson .29 and Cox reed valve 0.049.
Red S.