To be sure, the old filters won't do much for us when it comes to ethanol, except back up the water and eventually starve the motor.
The Racor type will actually seperate out water, but unless it is drained from time to time, it will eventually clog up the system too.
Here are two photos I pulled off another filter post I have bookmarked. Both of these will seperate water, but they need to be drained periodically in order to keep water from overcoming the entire system.
Tom