This topic has been, and will be, debated to death. As for power, apparently there is Ford documentation that suggests higher HP with premium (380-385?) but I can't find the info.
I started last season using nothing but premium and had no trouble getting 10-11mpg with my 5th, even 11.8 one trip keeping at 60MPH. Later in the season I got lazy about filling up with premium ahead of a camping trip and started running 87E10 all the time. After that point, I couldn't get 10mpg, no matter what. Typically 9.5.
In my situation, premium is non-ethanol and regular is E10 so that is accountable for about a 4% difference. My scangageII shows the same ignition timing when running up a grade at full boost so it doesn't seem to retard timing with regular. I'm not sure about fuel injection timing or AFR changes. It's possible that fueling modifications have priority over ignition when this engine runs into trouble.
Unloaded, I see the same difference... 1-2mpg better with non-eth premium. You may not see any difference if both are non-ethanol, particularly when not towing.
Try it out for yourself.