martx-5 and mailbox are 100% correct, you run the lowest octane rating that your car will run on without pinging.
This is one of the great advertising scams of the century as far as I am concerned. If your engine is designed to work with 89, then switching to 93 is a waste of money... but there's always that yahoo that is positive that his car runs better by paying .30/gallon extra for premium.
Now with higher octane you do have the ability to bump up the timing to give you more power. But of course this only works if your engine is actually helped by advancing the timing. I personally run 93 octane, but I'm running 10:1 compression and a cam that necessitates this.