After doing a little research, I've found that not only does the cheese cloth help wick the moisture away, it also helps in the knitting of the curd.
As I told you last night, I've taken to using the following method:
I use the cloth during the first few initial pressings and then for the final press I lose it.
For instance if I'm making a cheddar, I'll use the cloth when first loading the mold. I'll also use it after the first and second flips. Then when I move on to the final 12 hour press, I do it without cheese cloth.
This has worked really well in the last two cheeses I've made. Although the cloth does mark up the cheese on the initial presses, they come right out on the final press.
The way I figure it, I'm getting the benefit of the cheese cloth in the early stages of pressing and then getting the benefit of no cloth by turning out a nice smooth wheel (except for those blasted nubs that appear on the surface). But, I have found that those usually break off themselves or like you suggessted I can trim them with a sharp knife, easily enough.