excerpted from Motorcycle.com
The real advantage of racing gasolines comes from the fact that they will tolerate higher compression ratios (due to their higher octane rating) and thus indirectly will produce more power since you can now build an engine with a higher compression rati o. Also, alcohols burn cooler than gasoline, meaning even higher compression ratios are possible with them, for even more power.
The bottom line here is that, in a given engine, a fuel that doesn't knock will produce the same power as most expensive racing gasolines.
However, it sometimes happens that when you use another fuel, the engine suddenly seems to run better. The reasons for this are indirect: First, the jetting may be more closely matched to the new fuel. Secondly, the new fuel may improve the volumetric e fficiency (that is, the "breathing") of the motor. This happens as follows: Basically a fuel that quickly evaporates upon contact with the hot cylinder wall and piston crown will create additional pressure inside the cylinder, which will reduce the amount of fresh air/fuel mix taken in. This important--but often overlooked--factor is described by the amount of heat required to vaporize the fuel, described by the 'enthalpy of vaporization' (H), or 'heat of vaporization' of the fuel.
A high value of H will improve engine breathing, but the catch is that it leads to a different operating temperature within the engine. This is most important with two-strokes, which rely on the incoming fuel/air mix to do much of the cooling--even mode rn water-cooled two-strokes rely on incoming charge to cool the piston. For two-strokes a fuel that vaporizes, drawing a maximum amount of heat from the engine, is essential--the small variations in horsepower produced by different fuels is only of second ary concern.
Also important is the flame speed: Power is maximized the faster the fuel burns because the combustion pressure rises more quickly and can do more useful work on the piston. Flame speed is typically between 35 and 50 cm/sec. This is rather low compared to the speed of sound, at which pressure waves travel, or even the average piston speed. It is important to note that the flame propagation is greatly enhanced by turbulence (as in a motor with a squish band combustion chamber).
The most amazing thing about all this is that you can get the relevant information from most racing gasoline manufacturers. Then, just look at the specification sheet to see what fuel suits you best: Hot running motors and 2-strokes should use fuels wit h a value of "H" that improves their cooling, while more power (and more heat) is obtained from fuels with a high specific energy.
By the way, pump gas has specific energies which are no better or worse than most racing gasolines. The power obtained from pump gas is therefore often identical to that of racing fuels, and the only reason to run racing fuels would be detonation probl ems, or, since racing fuels are often more consistent than pump gas--which racers call "chemical soup"--a consistent reading of the spark plugs and exhaust pipe.
The article in it's entirety
http://www.motorcycle.com/mo/mcnuts/rt-fuel1.html 
