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Simply Put
Submitted By: Raptor235 ( 234 days, 3 hours, 8 minutes ago )
Octane is a measure of gasoline's ability to resist ignition under compression. That spontaneous ignition is often referred to as "pinging" or "knocking", and those words describe well what it will sound like. The higher the octane, the more compressed the fuel can be before detonation/knocking.

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Submitted By: kk
why would i to spend more money on higher octane gasoline?  Will it give me better fuel comsumption?
Submitted By: RandomSkratch
Yes I believe your economy goes up as well.  If you feed your vehicle "crap" gas, you'll get crap results.  For certain makes/models of cars, they really stress on what type of gas to use as it will also prolong the life of your engine.