Having tried "premium" fuel in my truck and car and noticed no improvement in performance and a .5 mpg improvement that didn't cover the price difference I wondered the same thing. Until I rented a bike in Vegas where they only have 87 and 89. Wow. The lack of power, I'm supposing because of the ECM trying (and at times failing) to control the knock was very noticeable. We hunted down a station that had 91 (outskirts of town, east side). The bike then ran pretty similar to how I'm used to them running here in the Northeast where you can get at least 92 and most places 93.
To Sum up:
87 was crap. Very noticeable.
89 was crap. I'd describe it as the bike felt off.
91 was normal. Felt the same to me as running 92 in Pennsylvania.
I don't know if the dealer would tune it for 87, as Jerry suggests, if it would then perform OK in that range. I do not believe Vegas HD takes their head out of their can long enough to check these bikes as one of the times we rented out there I got second degree burns on my thighs from the heat coming off the engine on one trip up the strip. When I suggested tuning it to them, they told me all Harley's are like that... Having ridden many brand new bikes at my dealer (I sometimes help them bring demos to events) I knew that this was not the case. Hot yes. Burn my thighs till they blister, not so much. BTW, every time I've been to Vegas it's been in November and the temps were never above the 80s in daytime. My trip in stop and go traffic where I got the burns (and knock) was in the 50s at night.
I'm guessing low octane fuel and thin air caused that. I'm also guessing that it could be tuned to adjust for that, or no one in Vegas would buy one.