I work in the industry, so I thought I would bring my change to the table. I will do my best at laymans.
Octane = Resistance to burn rating. Not the density of oxygen. Higher compression engines need higher octane so they don't pre-ignite the fuel before the piston has reached the peak of it's travel.
Volatility = 1 cup of fuel should make 20 cups of vapor at a given temperature for proper mixture. (speaking only for gasoline) This is why we have winter and summer blend fuels because of temperature differences. So you have to make a fuel that will be volatile at 20 degrees F, and then make a fuel that will be volatile at 100 degrees F. The engine would not run right at all if you tried to run the same time of fuel year round. Think of it like a broken clock, it is only right twice a day.
Whether or not you can run different octane fuels in your landcruiser than what is specified. YES, yes you can.
Will you experience the same level of performance that the engineers planned for, NO, no you won't.
Will you damage anything in the engine bay, NO, no you won't.
Engines capable of monitoring "PING" will introduce more fuel (like all you boys with FI engines) to compesate. Once this compensation has happened your fuel/air ratio is set. You will burn a slight percentage more fuel per cycle than an engine that was designed to run on lower octane. Performance will be lacking slightly. This is something like being tone deaf. Some people will notice this loss of power, and others won't.
Now, there is a wicked idea that I must make you aware of. Particularly on engines spec'd to run 87 and you try and run 93 octane. In this situation you CAN cause premature failure of components due to excess un-burned fuel leaving the combustion chamber and causing the carbon to adhere to engine components. When your engine does not reach high compression it does not need high octane fuel, therefore using these fuels will NOT boost performance. The excess unburned fuel is just ejected out of the cylinder in a vapor form and as it cools it will adhere carbon deposits in and around the exhaust.
The catalytic converter prevents this stuff from being ejected out the tail pipe and your O2 sensor will help a little with leaning you out some, but there is no way the engine can change timing for this condition. When running low octane in a high octane engine, it can retard the timing a little.
Now I don't know if I helped this argument any...I tend to suck at breaking this stuff down in easy to read segments. Mostly I just dork out and glaze peoples eyes over.
My background is I manage Chemicals and Lubricants for a major engine builder. I am certified in two engine lines (not Toyota) as a technician and just love to tinker on anything new.