HFCS is also called glucose-fructose syrup (especially in Europe), as that is basically what it is.
Oddly enough, table sugar, or sucrose, is also a disaccharide of glucose and fructose, as is honey.
The hypothesis that HFCS contributes to the current obesity trend has been around for a few years now, and while it doesn't make any sense biochemically, there is obviously evidence in rats.
Fructose, for the most part, has to be processed in the liver, unlike glucose, which can undergo glycolysis in just about every cell in our body.
The hypothesis is that as the liver become saturated with glycogen stores, and the gluconeogensis pathway is saturated with fructose (and glucose), it converts it to fat. Our bodies are clever that way, it can turn EVERYTHING into fat.
As the liver is in our midsection, the fat is typically deposited around our middle, and I have heard it mentioned that it is due to the whole cortisol-insulin connection.
I am also fairly positive that muscle cell can use fructose directly, so I am not entirely convinced about this entire scenario.
There is some political-economic things with the whole HFCS thing, I think there are quite high taxes on importing sugar into the US. Sugar is used in Coke in almost everywhere in the world, except the US, where HFCS is used.