Ethanol and Bio-Diesel: Petroleum Based Fuel's Replacement?

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With fuel and gas prices rising steadily at an alarming rate, and the continuing war in the Middle East, it would seem logical to find an alternative fuel that would work as well, or better, than petroleum based products. Bio-Diesel is just such a fuel; it is a renewable fuel source which is produced from vegetable oils such as soybean and cotton seed oils. This, in turn, can boost our economy by giving farmers more competitive prices for their crops and also giving them more markets for them. Ethanol is also a renewable fuel source; it is made from corn. These two fuels can be used in most modern engines with little or no modifications. I have had the opportunity to use Bio-Diesel in our Kenworth several times and was pleased with the fuel and its performance; I have not had the opportunity to use Ethanol as of yet, though. Has anyone else had any experiences with these fuels? Were you pleased, or dissapointed with the results? Do you think that Bio-Diesel and Ethanol can help reduce the dependence upon foreign oil sources, and help our economies? Why or why not?