I'm sure that my analysis of Knockout.js is incomplete. I checked out knockout.js when it was first announced on Hacker News several months ago. Backbone.js was announced on HN at roughly the same time. I gave both a test drive and came to the conclusion that Backbone.js was more appropriate for my use as a single developer entirely responsible for the front end, from graphic design to interactions and events. I hand off responsibility to my co-founder at the model later. My co-founder is responsible for the MongoDB and Rails backend.
I'm sure Knockout.js has matured a lot since I first looked at it and that I need to find time to revisit it one day.
From your comment and the comment of Alisson on the blog post associated with this thread, I'm pretty sure that my information about knockout.js is out of date.
However, frameworks aside, I still believe that an MVC approach makes more sense for small teams where developers handle multiple roles and that the MVVM approach works better for larger teams and teams with less experienced front-end developers.
I decided on MVC for my current project working with one other technical co-founder. However at my previous two employers I would have opted for the MVVM approach because because I believe it's more "sociologically" appropriate for corporate environments and for projects where different parts are handled by different teams (i.e. matrix managed companies),