My car is non Monsoon and I am pleased with the factory system. It could be better, but for what it is it does its job.
Gas mileage varies on how you drive. If I take it easy I get around 21-22 mpgs daily driving. I haven't taken it on a road trip yet to see what a good highway run would net me.
When I bought my 07 last year it already had 123,000 miles on it. It now has 147,000 miles and you wouldn't know it unless I told you. I had my boss and my maintenance guy in the car a month or so back and they asked how many miles. I told them 146,000 and they were both surprised. They thought it may have had 60,000-70,000 at most.
The car still drives fine and looks great for the mileage.
YES run premium fuel. You will net lower mpg's and spend more money on regular than you do on premium. It only costs on average of $3-$4 more per fill up to run premium anyway. If you can't afford $4 you can't afford a newer car.