Here's a good summary of knobs, which says that they are " _typically telomeric_ ," " _tandemly repeated DNA sequences [that] appear as distinct, heteropycnotic regions located at certain sites on specific chromosomes and look much like beads on a string_ " and are involved in:
> increased recombination
>
> neocentromere activity
>
> preferential segregation
>
> chromosome breakage and chromatin loss
>
> sex differences in recombination
The introduction to this paper gives some of the same information.