I think - may the best man win, in training camp. However, it needs to be a spot open for competition.
I like McKnight - I like his work ethic, his team ethic (he did not stir up trouble last year when he didn't suit up for a couple of games even though it was crushing his pride), and I think he played much better last year.
However, I all things being equal I like Thompson as a starter. His size/speed combo is good - he should be a better blocker (that is a very underrated but highly important part of the game). He is also the kind of player who can get the tough catches over the middle. He can go higher than McKnight. The concept of "possession WR" is often looked at as a negative or less meaningful type of WR than the guy who can go deep, but when you think of Belitnikoff, Largent, Irvin, Chrebet, etc., all those guys are "possession" types and were hugely important. Thompson can still go deep (better than OG, who was surprising in his ability to go deep). You also don't just want two WR's who are identical - but two guys who offer contrasting strengths at the WR spot - Thompson's strengths compliment Chambers better than McKnight's do.
So, I'd like to see Thompson win out b/c of his versatility and matchups and his ability to compliment Chambers. But, again, may the best man win.