At 60 degrees fahrenheit a 10% ethanol blend can absorb up to 0.5% of its volume in water before it begins to phase separate. That's just under
four teaspoons of water
per gallon of fuel, or just under a third of a cup of water in four gallons of fuel.
At 60 degrees fahrenheit "pure" gasoline can only absorb up to 0.02% of its volume in water. Anything beyond that will phase separate. So with regular gasoline you get phase separation earlier but, because it occurs earlier, you get a lot less of it sitting at the bottom of your tank when it happens.
As long as the water remains in solution with your fuel, there are no problems other than slighly lower fuel economy. That is, if the fuel tank were made of a substance which doesn't absorb water (in our case, it also causes the tank to expand).
Water that's phase separated, on the other hand, can cause other issues. With regular gasoline, at worst, it'll stall your engine if enough water gets sucked up by the pump. Mixed with ethanol, however, the water/ethanol solution
can combust, but will result in a very lean mixture, higher temps, and possible engine damage.
Here's an excellent paper about the subject:
http://www.epa.gov/oms/regs/fuels/rfg/waterphs.pdfInterestingly, when they run the numbers regarding water vapor in the air, it shows just how hard it is for water vapor alone to induce phase separation. This is what I mentioned earlier when I said that motorcycles, unlike boat, are highly unlikely to experience this.
The primary issue for us is not phase separation. It is the ethanol enabling the fuel to hold more water in suspension than it otherwise would, and therefore allowing the fuel tank to operate as a desiccant and absorb that water.
Edit: Side note: longer vent tubes help to prevent water vapor (moisture in the air) from entering the tank in the first place. Experienced divers are familiar with a concept called "dead space" which refers to the length of the tube between the lungs and the outside air. The longer the tube, the less fresh air you draw in every time you breathe.