I do not believe it works. I cannot see any reasons why it would work. I can only see it being harmful. I would not recommend it in high concentrations, and can almost guarantee you will not see increased gas mileage with long term usage. You may use it to clean your injectors and intake tract, however I cannot see the acetone itself increasing combustion or efficiency of the actual motor as a primary effect. It's purpose would be to clean and the cleanliness will improve the mileage, thus it is a secondary result.
http://www.cartalk.com/content/columns/Archive/2006/January/08.htm
Believe me, if it worked, was safe and gave such positive results you would have heard about it already, there would be a more marketable additive off the shelf and everyone would be running it. Believe me, there is too big of an after market to counter the oil industry if such a miracle product were real.
http://www.snopes.com/autos/techno/acetone.asp
Mythbusters also did a test on the subject
Great Gas Conspiracy
Myth: Automakers and fuel suppliers are in collusion to keep us dependent on expensive gasoline and inefficient cars. There are many devices that one can use to cut your fuel consumption.
They got a carbureted car and a fuel-injected car to test several types of devices. The cars were placed on a dynamometer, which allows the car to drive without moving anywhere.
Test devices and additives:
* Fuel line magnets: working on the "principles of hydrodynamics," they are supposed to align the molecules for more efficient consumption.
* Acetone additive: supposed to make gasoline burn more efficiently
* 300mpg 'super' carburetor
* Hydrogen fuel cell generator: flammable hydrogen gas produced by electrolysis. Adam labeled it "Gasbuster: Stickin' it to the Man"
They tested each car on the dynamometer at 35mph and 55mph with each 'device.'
Carburetor car:
* Baseline: 17mpg at 35mph and 25mpg at 55mph
* Magnets: exactly the same as baseline busted
* Acetone: 16.7mpg at 35mph and 24mpg at 55mph busted
* Super carb: much worse than baseline, 12mpg at 35mph and 17.7mpg at 55mph busted
Fuel-injected car
* Baseline: 19mpg at 35mph and 27mpg at 55mph
* Magnets: 18mpg at 35mph and 26mpg at 55mph busted
* Acetone: 18mpg at 35mph and 26mpg at 55mph busted
Sorry guys, but either something else was changed or you're experiencing something a lot of us often do. We expect a change therefore we fabricate the said change. Although we don't realize it, we find the results to match that which we expect. It happens a LOT in science, and many 20th century scientists were guilty of fudging results to obtain the data they desired.