Edit - You guys beat me to it -.......................
My understanding is this:
On an oilhead or other computer controlled-engine - you have a knock sensor, Oxygen sensor and a computer that adjusts timing.
Assumption: the more you advance timing, the more powerful and efficiently an engine runs...up until the engine knocks/pings/pinks (?) and then you drastically lose power and efficiency.
Is computer-controlled engines (definitley everything made after 1997 - OBDII), the computer has a set timing advance curve that it starts and runs at, and then slowly advances the timing until it detects knocking/pinging/pinking (which it can do way before you'd hear it) then it backs off a bit, and hangs there for a while, and then sometime later tries again to advance the timing for better power and economy (just in case you put premium in the tank this time...) Since it has a decent 'baseline' timing to start from, you rarely notice it trying harder, but since it does occasionally advance timing to see if it can get away with it, you should get a little more HP or at least a few more MPG when running premium over the cheap stuff.
Of course, and on old R65 with no computers at all (thank you very much

it has one timing curve, set and forget - it stays at one setting until you change it with wrenches and screwdrivers... ever resistant to software problems and EMP's

I would expect that a computer-controlled engine would gain power or efficiency when running premium fuel, and an old R65 would never know the difference (as long as it wasnt pinking...)
-John