My basic understanding is most engines have a knock sensor and when it senses pre-ignition, the computer will retard the timing. From the engine's I've tinkered with, full advanced timing comes on way before WOT so I'm guessing at even half throttle, there should be a difference.
But I agree, my butt dyno is having a hard time telling if there is a difference between regular and premium unleaded, power wise. There's just too much weight and slush in the system.
Even if full advance timing comes before WOT, timing alone isn't the only causation of knock. Heat and pressure also come into play. So in a cooler climate with an 'economically' driven LC I would assume that knock could be avoided even with optimized timing.
So if your driving habits and environment don't ever introduce knock then your engine should be optimized on 87 without any benefit from 92 (except to fuel vendor).
It would be interesting to watch a dyno run with an engine monitor showing what the ECU was doing to timing across the curve and in response to various throttle inputs.
In all honesty, I tend to hedge the debate right in the middle with 89. Again, no data just personal preference. The one thing I would absolutely argue is the benefit of using quality gas (i.e. Chevron, Shell, etc). I never use the cheap stuff.