Personally I am pro-anything-that-gets-us-off-OPEC-oil. The good thing about corn ethanol is that it is here and it is now and it is the cheapest form or ethanol you can get in the U.S. The downside is that the U.S. can only grown so much corn, and only so much of it can go to ethanol production. So there is a limit to how much corn ethanol we can make.
The good thing about cellulosic ethanol is that it uses less energy and less water. Also, we have way more cellulosic material so we can make way more cellulosic ethanol. Better yet, cellulose is everywhere, so you can put cellulosic ethanol plants in every state. The downside is that at this time, it is expensive to make. However, this is changing rapidly. Within 5 years, you will see an explosion of cellulosic ethanol plants. To see how quickly things are changing, see my post
here.