Under certain conditions (high load, warm day), you'll start hearing a 'pinging' sound on high-compression engines; that's the air/fuel mixture pre-igniting before it is supposed to (before the spark fires) essentially turning the engine into a wannabe diesel and ruining performance/efficiency.
There are a few other undesirable things about high-compression.
And I just read your message about knocking. same thing. Nevermind.