in most cases nothing will happen, if your car is controled by a compuetr module, newer cars have it, the computer wilkl automatically retard the spark as to avoid prignition {ping} and you may find a slight decrease in gas mileage, and slighlt slower oin performance. but unless it is a very hign performance requiring in excess of 95 octane you will not notice any differance.
I have several high performane vehicles, on states for maximum performance high test is reccommended, the other states high test is reccommended only i have used regular for the ast 4 years on the max performance reccommendation and have expierenced no problems, the other only when i go on a long distance trip to i use the regular and no problems,