What's interesting is how divisive a subject this is among bikers. The general consensus is that it makes a small difference in performance cars, but is negligible in almost all bikes.
In my opinion it does make a difference though - if you choose the right type of premium fuel. It appears to me it's not all about the octane rating, it's about the refinement. In the UK Tesco offer a 99 RON fuel known as Momentum 99 but to me it didn't seem much better than any regular unleaded fuel in my YBR or my XJ-6 - it clearly has more additives going by the colour and the statistics but the performance was about the same. Didn't find much advantage with Shell V+ Power either. However, with Esso Supreme which I believe is a 98 RON fuel it absolutely does make a difference, seeming to accelerate more smoothly and be more effective earlier in the rev range of any bike I put it in. Fuel economy in terms of MPG does tend to go down but I have a feeling this is because the premium fuel gives better performance and I'm more inclined to use the throttle because it pulls so well with this type of fuel in the tank.
Since it's only an extra few pence per litre over regular unleaded, I tend to use it all the time. When I'm not near enough an Esso to top up with the premium stuff and I use any other type of fuel whether it's premium or regular it just doesn't feel quite as good when riding. People have told me it's a placebo effect but I don't believe it is.