Creating a "new" fuel isn't really impressive. Creating a new fuel that is economically viable would be impressive. All of the ethanol nonsense that has been pushed by Congress (i.e., attempts to bring home the bacon in exchange for votes) doesn't seem to have panned out too well. Even Al Gore himself admitted that he supported Ethanol only to get votes (not that it is surprising that a politician made bad policy decisions to get votes, it is just surprising that he admitted it on camera). Growing your own fuel in an economically viable manner is going to be very, very difficult, due simple to the tremendous amount of energy required to plant, maintain and harvest a crop.
Don't get me wrong, I wish it would pan out, even with a slight price increase. I have serious doubts that it will be even remotely viable though.