Wow, that sucks. The relative spikes at the shifts are expected (but not THAT much). If it was strictly cam and valves wouldn't you expect it to be fairly constant? Your's seems to be going up and down (although never that far down). Do you always have the peaks (except for the shifts) at around the same rpms? Then again I suppose it could be sort of constant noise that just goes though the frequency that the sensors are tuned to at those points. How are you ever going to know if you're getting real knock?