Wow there is a lot of confusion and misinformation in this thread. So let me try to clear it up..
What does high octane mean:
High octane rating means the fuel is more resistant to predetonation. This is extremely important in cars with advanced timing or designed to run on high octane fuels as low octane fuels will certainly cause predetonation.
What is predetonation:
Predetonation occurs when the fuel is injected into the cylinder on it's compression phase and the heat of the engine/cylinder cause it to detonate before the piston has come all the way up. This can bend of break rods which is why all FI cars have a knock sensor which re****s the timing when it senses predetonation. This doesn't mean you can run 87 in your 93 tuned car and expect the knock sensor to make it all ok. The ECU will re**** the timing temporarily so it will knock again and again and again.
How do I know if I need high octane:
Well - are you getting engine knock with 89 or 87? No? Then you don't need it. That's really all there is to it.
How do I know I have engine knock:
Best way, ODB2 readers, Dashhawk, ScanGuage do it. Or you can go oldschool and listen for it...
Doesn't premium gas have less ethanol?
No to all. In fact, what ethanol is exactly what is added in a larger quantity to high octane gas to make it "high octane". In short, 87 will have LESS ethanol than 93. So if your only reason for running 93 is "ethanol is evil" - you're running the wrong gas.
Is High Octane going to be better mpg?
In terms of MPG, high octane fuel being more resistant to predetonation actually has LESS usable energy than low octane fuel. So unless your engine is able to take advantage and run with advanced timing when using high octane gas, you will see actually have LESS power with high octane gas -but we're talking highly theoretical amounts and nothing short of a series of dyno tests will show it. Like..these:
Fifth Gear - Fuel additives test - YouTube
But Shell tells me that their awesome additives in 93 make my engine extra clean and super powerful.
First all gas has detergens in it. It's an EPA requirement. What the additives are all super secret and you have no idea what they are and they are different for all gas stations in different quantities:
BP 87 Octane ... 17.2 milligrams per 100 milliliters
BP 93 Octane ... 26.4 milligrams per 100 milliliters
Citgo 87 Octane ... 6.0 milligrams per 100 milliliters
Citgo 93 Octane ... 9.4 milligrams per 100 milliliters
Exxon 87 Octane ... 20.0 milligrams per 100 milliliters
Exxon 93 Octane ... 21.2 milligrams per 100 milliliters
Pilot 87 Octane ... 5.8 milligrams per 100 milliliters
Pilot 92 Octane ... 8.8 milligrams per 100 milliliters
Shell 87 Octane ... 16.2 milligrams per 100 milliliters
Shell 93 Octane ... 31.0 milligrams per 100 milliliters
Is more better? I dunno. Nobody can tell you except the fuel company and they never will.
So if you really want to make sure your engine runs super clean, run 87 and then buy some Seafoam with all the money you save.
As far as the carb vs FI thing. FI is better in every way imaginable and is stupidly reliable. In 30k miles on 2 FI bikes, I have had all kinds of problems - one of them is British - but not a single one was FI related. If anything, FI and the ECU have made things better and easier.
My only carb experiences was in a race tuned camaro which was used for 24h endurance racing. It ran like an absolutle champ when the temperature was exactly where it needed to be, got to hot or too cold - enjoy the backfires. Never again.