Basically, advancing the timing means the spark plug will fire sooner giviving more time for the air/fuel mixture to burn and creating more cylinder pressure. This normally results in more power but can also lead to pinging if too much timing advance is used or poor quality fuel is run.
EF's run a coil pack ignition system with a crank trigger so you cannot adjust the timing like you can with a distributor setup. The EF computer automatically advances timing, to a degree, until the knock sensor detects pinging.
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