Octane has nothing to do with the quality of gas, but its resistance to knock. All gasoline products are made of blends, so there is no such thing as "pure gas 87" and "pure gas 84 plus ethanol," there is a decent chance the fuel off the pipeline is the same gas, and the "pure gas" has a different octane booster in it.
Generally not these days, since emissions regulations mean that organometallic octane boosters are not used for road gas because they can foul catalytic converters and shorten the life of precious-metal spark plugs.
Higher octane road gas is a different blend with more aromatics and olefins. A high octane blend and a low octane blend can be combined at the pump to produce intermediate octane blends.
There are many factors that contribute to the "quality" of gasoline, not just octane:
vapor pressure
Initial and final boiling points
Oxygen content
Vapor pressure is a difficult one; the gas needs to be volatile enough to evaporate in cold weather, so that carburetted cars can start. However, it must not be so volatile that you can get vapor lock in the carb lines. At the same time, it must be sufficiently low that the vapor doesn't get out of the gas tank when the car is sat in the sun.
Boiling points are related to vapor pressure. They must be low enough that the fuel evaporates in the cylinder and doesn't wash it out, even when cold.
Oxygen (e.g. in ethanol) bulks up the fuel, and screws up the mixture. Too much oxygen and the engine will run lean, unless a closed loop mixture control system has sufficient range to accommodate it.
One of the problems with ethanol is that it raises the vapor pressure of the hydrocarbon content of the fuel, but itself, it has a very low vapor pressure, giving poor vaporisation in cold temperatures and excessive vaporisation in high temps. This can lead to poor vaporisation with carburreted cars. Similarly, high concentrations of ethanol can lean out the mixture during the cold-start program on EFI cars (the cold-start program usually isn't lambda controlled)