Race fuel contains much higher concentrations of aromatic hydrocarbons than regular pump gas. Federal law limits aromatic hydrocarbon content to 40% to try to control hydrocarbon emissions. Most 100unleaded race fuel is about at the 40% limit, and is street legal. The 104 stuff (at least Sunoco 104 unleaded) has more than 40% aromatic hydrocarbons and is NOT street legal. 92 octane pump gas is around ~30%, give or take depending on the brand/mixture/season/etc. California gas is limited to 30%. (= 91 octane after they started removing MTBE)
It WILL affect the hydrocarbon emissions from your vehicle, and in a BAD way. The guy at the Buick GNX forums was probably running leaded fuel, which does not depend on ultra-high levels of hydrocarbons to increase the octane rating, so it probably wouldn't dork the HC emissions too badly.