In most cases the costs outweigh the benefits. As LeCouch pointed out, however, there are some cars that are designed with either higher compression, turbo chargers, or superchargers where performance drops and even engine damage can result from using lower grades of gasoline. You're generally better off sticking to what the owners manual tells you to use.
My tanks I've experimented with regular in my Acura were awful. My car would ping and run poorly at RPMs under 2500, so I was forced to drive in the mid-range of RPMs more, which led to poorer mileage. Then again, my engine is very high compression compared to most cars on the road.
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