higher octane does have benefits and pitfalls:
as was said, higher octane has a higher flash point, meaning it requires a higher temperature to ignite. this has been known to cause problems with hard starting and plug fouling in cold climates for some fuel injected and carbureted engines.
the benefit that goes with the higher flash point is a faster burn cycle. lower octane starts burning sooner, but the burn lasts longer. the quicker burn cycle of the higher octane means the combustion is completed faster, and there is less heat built up in the engine. simple version: slightly lower engine temperature.
with that lower engine temperature can come another issue: water cooled engines are generally designed to run at a certain temperature - often in the ballpark of the boiling point of water. by burning a higher octane fuel you are fighting the engine's fuel system.
personally, i will only use a higher octane for a couple instances: when the manufacturer recommends it such as performance / older vehicles, and in small air cooled engines. chain saws often take a lot of abuse in very hot temperatures, not to mention a very small engine turning 12k-14k rpm.
i have first hand experience with a carbureted snowmobile that fouled plugs on high test. i would have had to alter the plug heat range or re-jet to compensate. i have been around a fuel injected snowmobile that did not run well on high test because it could not get the engine temperature where it wanted to be. i have drag raced a snowmobile where running high octane aviation fuel allowed an insane reduction in jet sizes that did not melt the engine down because it kept it from getting too hot. i have also seen many vehicles with fouled plugs on cold mornings from trying to start on high test. i have heard stories of factory fueled high test vehicles not starting in the winter on dealer lots, but i can't back up that story.