Yes you'll eventually start getting knock. How much depends car-to-car, but being right on the edge of knock is never good, just like when tuning on pump gas. My car runs 5-6°@4000-4500rpm on pump and about 10° on alky.... also 13°@7500 on pump and 21° on alky. Every degree really turns into about 5whp on the dyno.
The above numbers are on my 'kill' tune, 432whp on dyno dynamics. I generally run a more 'street safe' map that I just yanked 2° out of the whole high-load section of the map. That map yields 420whp and is safe as safe can be. I like my car reliable so going for that extra 12whp is just not worth it for me.