AutoSHO:
sdpatt:
The knock sensor is a problem only if you are hearing uncontrolled knocking from the engine. The engine's output is decreased when the knock sensor detects a knock event and retards the ignition timing as a result. If the sensor is not producing a signal, you will hear the possibly damaging knock, but not notice an appreciable performance loss.
What are some of the other symptoms that you are noticing?
I had exactly the opposite going on, my engine doesn't (and hasn't ever had) any audible knock, but trying to pull away from a stoplight was almost impossible because the computer was retarding the timing so much. It hurt overall power considerably as well. The new replacement resolved the power loss as well as the driveability problems.
Still no knock, either!