It can cause no harm if it's a proven additive like Wynns or Liqui Moly. Stray away from Prolong and that kind of crap though.
It does empty out your wallet for no benefit.
I filled up right after work and after 2 minutes of driving there was a VERY noticeable difference. A good one. The car feels much more responsive! The fuel consumption seems much better but I'll need to drive it for a few more days to be really sure.
I also haven't noticed any white smoke being expelled from the exhaust.
Actually, I watched a motoring program (I think it was 5th Gear?) where they tested a few different things that are supposed to increase your cars power - dyno tune-up etc. Tested the car on a dyno after each item. Most HP gain was from an engine cleaner additive..