My son, the engineer, tells me gasoline is formulated out of two principal molecules. Octane is the 8 carbon molecule you are used to thinking of as gasoline. Heptane is the 7 carbon molecule also included. For reasons I don't understand, but having to do with the bonds in the molecules, heptane has more energy in it than octane. Therefore, the higher octane gasoline is going to have less energy in it overall. Naturally, you will see your mpg drop.
There is no logical reason to run an octane rating any higher than the lowest that works in your engine without knocking.
The only other difference from gasoline to gasoline is the amount of detergents, which are necessary to keep your injectors clean. My understanding is that its basically the same from grade to grade within each brand, although if someone really knows better I am listening. I like to add a bottle of injector cleaner about 500 miles before each oil change just to be more certain.
There is no logical reason to run an octane rating any higher than the lowest that works in your engine without knocking.
The only other difference from gasoline to gasoline is the amount of detergents, which are necessary to keep your injectors clean. My understanding is that its basically the same from grade to grade within each brand, although if someone really knows better I am listening. I like to add a bottle of injector cleaner about 500 miles before each oil change just to be more certain.