I thought there was an anti-ping function to the ignition and that's why we should be careful to replace the plugs with the correct resistor? Currently I can put my bike under an rpm load (not shifting down enough gears for the speed etc) and it doesn't ping?
There is, however it pulls more timing than may be necessary. If you look at a data run and the ECM is pulling 6 degrees, it's possible that you may only need to retard the timing by 4 degrees. You'll still hear the initial ping though.
So yes, you do want to tune out all the ping, because if you don't (aside from the potential engine damage), your ECM is pulling more timing than is necessary, therefore reducing performance and efficiency. Truthfully, the most power isn't always made with the maximum timing used, however for home tuners like myself, there's no way to tell where the most power is made without shelling out money for dyno time.