Some questions about proper Water / Methanol mix

[djuosnteisn]

Hi all, I've just installed a WI system on my '07 mazdaspeed6. I love it so far, and works like a charm, but as i read more and more about WI, i get conflicting results. Some say the methanol is essentially what increases the effective octane in the mix, others say it's the water. Some people run 20/80 m/w, others 80/20!. I'd like to clear up my understanding of the process, and this forum looks like the perfect place.

As i currently understand it, the water does the majority of the magic. Because it's non-flammable, and has a high temperature retention properties, it effectively drops the temps of the intake charge, and pulls heat out of the cylinder chambers. This results in less chance for pre-ignition (and thus higher octane). Originally i thought that the only reason people even added wood grain alcohol was to keep the water from freezing. But the more i read, the more it seems like higher mixes of methanol to water results in even better performance.

What are the benefits of each ingredient? And what is the reasoning to run one mixture vs. another (cost negligible cause they're both dirt cheap)?