The problem with Mike the Knight is he does the right thing for the wrong reasons. I understand that teaching kids to learn from their mistakes is important, but Mike basically just makes mistakes all the time. No matter what he does, he's always forgiven - everyone loves him, he has few consequences, and overall it's just a bad message. "Do whatever you want, but if you fix it, everybody will be chill!"
Other than that, it's actually pretty alright. The main character is just a jerk.