Depends on weather you have fuel injection or carb... If you want to run high grade fuel you will have to change your spark timing and carby settings to take advantage of the increased octane... With EFI the computer should make the changes for you inside it's preset rates, providing all the sensors are in working order (nok, O2, map/ air speed, air temp, etc). If they are not, then the computer will revert to a factory preset... After that you will need your computer remapped...
I myself have tuned my Z24 carb and spark for 98 octane... The advantages of higher rate fuels are cleaner burn and more bang for your buck... I do getting better mileage from the better fuel and if tuned correctly your emissions should be either the same or lower...
Remember I am in Australia and we pay more for fuel ( about $1.60 per liter aus, $1.71 for 0.264 gallon u.s.)