Yes.
But for the average joe, its like trying to count the ticking seconds of the drummers watch at a SlipKnot concert.
Spot on, absolutely, 100% correct.
Knock control can be a hugely important factor in efficency and performance but unless you have access to the OEM's data or the kit and equipment required to calibrate knock control effectively then you're wasting your time. Add to this the fact that most OEM knock sensors are only designed to provide a useable signal around the point of peak torque where combustion chamber pressures will (usualy) be highest - point of peak torque usualy being well below the area that most high performance engines will run at when being rung out on road or track, an OEM knock sensor setup will not protect you from too much spark/too much boost at high RPM as the sensor is effectively blinded by valve train (and other similar) noise.
OEM's get around the above to a certain extent as most OEM ECU's run adaption strategies based around if knock was present at the POPT/PCCP if you have the kind of resource an OEM has then you can scale this for RPM above the range of the sensor - although technicaly you shouldn't need to sometimes you want to to allow enhanced spark advance or boost hold at high RPM.
Really, really clever knock control using Ion sensing or similar allows you to go much further. Essentialy having proactive spark control coupled with knock control that rather than sitting there waiting for the det to occur will build its own spark advance map on a per cylinder basis, in some cases running more spark than the base map to improve efficeny and power. The best systems allow knock control/spark control on a per cylinder, per firing basis, couple this with what some of the big OEM's are working with/on at the moment in terms of direct valve actuation and direct injection and you can not only control the spark on a per cylinder, per firing basis but also the air mass inducted on a per cylinder, per firing basis - this coupled with the reduced pumping losses offered makes for one seriously efficent engine. The downside is it takes a team of 25 guys a year to calibrate it.
If you are using an OEM sensor on an OEM engine package then the best you can achieve with an aftermarket ECU is knock control on a par with the standard setup - which as discussed won't be useful at high RPM anyway. For the most part it is much easier to just cal the engine package correctly in the first place i.e. the most amount of spark/boost without det on the worst fuel it'll be run on.
Knock control is good but its not the be all and end all of saving an engine if something goes wrong - high RPM with a dodgy injector will still see a broken engine!
Cheers
M