I'm not sure it will cause any harm, besides decrease in power, but yes, not cause any good.
Octane is quite the opposite to its popular conception: it is the fuel's resistivity to igniting. Basically, a higher octane fuel is less flammable than a lower octane fuel.
WHYYY???? you ask, do race cars etc use high octane fuel and make TONS of power?!? Because they have extremely high compression, and a killer spark (both of which create a bigger boom in the cylinder for more power). If they used a lower octane, more flammable fuel, it would ignite before it should (read: pre-ignition). Pre-ignition = BAD.
So, in summary, your engine will make the most power using the lowest octane fuel that doesn't pre-ignite, or "ping" (that nasty noise you sometimes hear at lower RPMs under heavy throttle).
If you hear "pinging" (can't describe it well, kinda need to experience it to know it), then you may decide to up the octane, or lower the throttle at lower RPMs.