Piston Slap: Decomposition of the Fuel Composition Sensor?

Longtime TTAC commentor rrhyne56 writes:

Flex Fuel. I see it more and more. From what I’ve heard, this mainly means the vehicle has a fuel system that alcohol wouldn’t eat up. (Mainly, yes. — SM)

So here’s my question: do the more recent models of these vehicles have the ability to sense what level of alcohol is in the fuel lines and adjust the engine accordingly, to make best advantage of whatever current gasoline/alcohol or alcohol/gasoline mixture is entering the engine? I watched a build on Mighty Car Mods where the Haltech engineer was tweaking just such a system.

I know, I know, I ought to just Google it. But I thought it might make for some lively discussion.

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