Port knocking is great theatre but not much good for anything else. I guess it can keep logs clear feom some drive by script kiddies.
I can't believe the discussion is this long and someone hasn't said 'security by obscurity' yet. Personally, if I was trying to prevent a break-in to a building, I would think it was a great advantage if the attackers had to work hard to even figure out where the doors and windows were.
A more nuanced (and more useful) way of viewing this is one of cost vs reward: How much does it cost an attack to break your thing, and what's the maximum cost that an attacker is lilely to be willing to invest before your thing becomes unappealing. According to this view, obscurity can significantly increase the cost of the attack. It's as simple as that.