There is if your running high compression or if your engine runs on the lean side......it can help prevent detonation (I believe) but does it make your car faster? No, not really.
Yeah higher octane gas can help prevent detonation, but if you aren't getting any with 87 or 91 or whatever, then theres really no need to run 101 if you're not running lean. If you want more power outta your gas you need to go by the specific energy the gas releases rather than the octane which simply measure how slow the fuel burns.