I've run the range of adjustment on my engine, I'm back to the factory marks as the best overall. I haven't checked how many degrees this is.
More advanced made the engine noisier, lowered EGT slightly and delayed turbo spoolup. It gave noticably more kick at low rpm.
More retarded made it smoother, quieter, gave turbo spool up sooner but was a little soggier down low.
It's all a tradeoff.

