The way I undertand it (and I checked with a mechanic friend to be sure).. The computer doesn't advance the timing becuase of the extra octane, but it does retard the timing if it senses knock.
E.g. The car is designed to run with 92 octane gas, but you put in bad 92 or 87 octane gas in it. The computer will "hear" the pining (usually before a person can) and it will retard the timing. Soo, if the motor was pinging at all, the computer would pull back the timing which means no more pining, but also less power which is less mpg...
But if the car was made for 87 octane, and doesn't ping with 87 octane, then using 92 octane won't get you better mpg. But, if the motor did ping with 87 octane, the computer would pull back the timing which means when 92 was put in, and it didn't ping you would have more power and problably better mileage.
~Mark