...biodiesel actually has a hope of becoming a common fuel in widespread use.
In all honesty, however, the industry is having some incredible birthing pains. The best plants (high oil content, but inedible) grow in the most out-of-the-way tropics, but shifting a large portion of the industrialized world's temperate agricultural land to growing high oil content plants is going to cause other agricultural shortages.
D1 Oils PLC has seen their stock plummet ninety percent after they concluded that biodiesel production would never be profitable for small producers. They sold off their processing refineries, are now concentrating on the pure science end of the industry, and formed a partnership with BP to explore the feasibility of large-scale production.
Even with all the start-up problems, however, I think the industry will eventually take off. American companies won't face the same logistical problems that D1 faced, and if we can get over the nonsensical idea that we have to feed the Third World, we could easily adapt to growing less crops for food and more for fuel.
As opposed to ethanol....