Mine is an '02 model, and I've never had a problem with knocking or faulty sensors or FI light coming on... Sometime engine knock can (and probably the most commonly) be caused by lower octane fuel. The only fuel I have ever used in any of my bikes ( and even my lawn mowers ) is 98 octane, nothing else.... I also get much better fuel economy using 98... 570 per tank.... I wouldn't use anything else unless absolutely forced to... And I only fill up at a BP... You might call me pedantic, but I've never had any issues with knocking...
The Octane rating in fuel is also sometimes known as the AKI or Anti-knock Index. Other causes of knocking could be excessive carbon deposits around the combustion chamber, and also using plugs with the wrong heat range. Using a 9 instead of an 8 could help alleviate knock symptoms, as it helps draw heat away from the combustion chamber, with a slightly shallower well...
Just some thoughts...