In the Corvair, the boost limit for hypereutectic pistons is around 15psi without water injection or knock sensor/retard units. Excessive knock will shatter a hyper piston like a piece of glass; a forged piston will deform.
The advantage of hypereutectic pistons is that they do not expand as much as standard or forged pistons, so you can run tighter tolerances. Tighter tolerances yield less blowby, and therefore, more boost.