87 is all that is needed on a stock bike. If you experience ping\detonation, then it is advisable to go to a higher octane fuel. Using more octane then you need will more than likely cause a drop in power. More octane means the fuel burns slower.
Yes race gas smells great. High octane is appropriate with high compression and forced induction.
I have a turbo setup, so I need higher octane fuel. I started out running F and L leaded 111, but discontinued use, due to it being leaded(didnt want deposits on my valves). I switched to Sunoco GT 100(100 octane UNLEADED). Ran good, except once on the dyno and once up a step hill on a hot day I got some intermitent pinging. I picked up a drum of GT PLUS 104 Sunoco. Im gonna try and burn up whats left tommorow night when its cool, and run the 104 in the heat of the day.