I hope you would say no. Unfortunately, there are those who would say it is bad. They would argue that knighthood would cease to be special if it became more commonplace. That's just so sad. When people argue for knighthood being special here's what they are implicitly saying - I want knighthood to be rare so that I can feel superior to others around me.
There is a fundamental problem with that response. A true knight does not seek to be special, at least not in the way implied above. In other words, the true knight does not feel the need to elevate himself or herself above the crowd. Remember that humility is one of the key virtues of knighthood. The true knight follows the words of St. Paul:
Do nothing from selfishness or empty conceit, but with humility of mind regard one another as more important than yourselves (Philippians 2:3 NASB)The true knight should want to serve and glorify others instead of himself / herself. He / she should want to see more knights.
Furthermore, knighthood does not need to be exclusive to be special. With proper pomp and ceremony, we can make the newly fledged knight feel special. Even the simple act of calling the knight Sir or Dame ought to lift them up. I really take offense if someone cannot feel special if we also call others Sir or Dame.
Finally, I feel that knighthood will be as special as the player makes it. Go out to the park and live the virtues of chivalry, and see how that makes you feel. Just don't think you need to bring or hold others down to feel special.