Not taking sides on that debate and I think in a way these high gas prices are a god thing. Its promoting conservancy, and is forcing industry to come up with new technology. Being a big car nut and read news from the automotive industry everyday, this current situation is really gonna hurt the Big 3. They've been too shortsighted and banking on our love of SUVs. E85 is a huge bust.
The Prius type Hybrids were a great idea and they are being credited for starting the revolution. The Europeans are working on some great stuff. BMW has fully working Hydrogen vehicles. Audi is working on some highly efficient Diesel Hybrids.
Personally, I've got a mid-size Audi station wagon (Subaru Outback type package) that I wish got better mileage. I got it since I don't like SUVs. But my next step to reduce can conserve is to go to two wheels. I'll pick up a motorcycle that's getting between 50-60 mpg to commute on, then reserve the family truxster for bad weather days and when I need to haul the kayak/mountain bike/camping/hiking equipment.