Your position was summarized when you said, "Who cares about BTUs?"
E10 has ~3.5% less energy than gasoline. Is 3.5% important to hypermilers?
I would call it "watered-down."
Just because it has 3.5% less BTU's does not mean that you will get 3.5% less FE. Even if it did cause a decrease in FE some hypermilers are not in it for strictly FE gains. There are quite a few here that put emissions at the fore front.
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