The idea of false economy by switching to regular was once true, but recently the game has changed. This morning I checked with my favorite gas station (Costco) and find premium gas costs 27% more than regular. It's a ripoff. For the last year I've been filling my car with regular. My gas mileage hasn't suffered... it certainly hasn't dropped anywhere near 27%.
I also poked around the internet to find out why the price differential is so great. It's not because it costs more to refine or some other technical reason.
Turns out they charge way more for premium because they figure the average luxury car owner won't mind paying the extra cost. It's mostly the luxury cars that require premium. Screw it -- I've switched to regular.
I hope others will update their way of thinking.