Cars that say premium gas only, what happens if you don't use premium gas?

Just to put in my 10 cents worth, my 2015 Jeep Cherokee 3.2 V6 has a compression ration of 11.7:1 and the owner’s manual specifies 89 Octane. I actually posted a question (FUEL OCTANE, GENERAL DISCUSSION) here asking if the fact that I had been using 87 octane fuel was causing a problem. The consensus was that it was not.