Here's a fairly good article with some charts that give a good indication of what is happening with power and fuel flow.
http://www.mummbrothers.com/SRF_Stuff/Secrets/Driveline/Air_Fuel.htm
Notice in the second chart how power is not as adversely affected by a richer mixture, but when you get into the lean side of the chart a bit leaner makes you loose power much quicker.
In other words, if you are willing to burn a bit more fuel, you can ensure that you are getting as much power out of the engine as you can get.