A lot of the objection revolving around Knight-level play was that people could make movie Jedi Knights within the +150xp limit... Clearly, making Anakin in Revenge of the Sith is right out.
But what about Obi-Wan in Phantom Menace? He's a padawan, yes, but ready to face the trials, and comes out of the film freshly knighted. Not a knight who has been around for years and years.
What can Obi-Wan do? Let's see, he pushes a couple droids over with the Force. That's about 35xp sunk into Move (Basic Power + Strength, Range, and Control). He also makes some Force-assisted leaps... That's 30xp sunk into Enhance. Does he use/need Influence? Nope.
That leaves him with 110xp from being a human, plus another 85 from Knight-level. He can get some decent ability scores, some nice skills and talents, and maybe drop 20xp on Sense to get Control get an edge in combat.
Ta-da! He is a Knight-level Jedi, who merely hasn't got to face his trials yet. He is good with the Force, though not always reliably, but if he sticks to a single specialization, he can be fairly close to, if not have, Force Rating 2.
TL;DR Knight-level is for newly-minted Knights or those ready to deal with the trials of Knighthood, not for Knights that have been around the galaxy a few times and are getting close to being Jedi Masters. That's how I see it, and I think FFG nailed it.