So I avoided cards with casting costs involving two of a single color where I could (though Bruna, Light of Alabaster and Yomiji, Who Bars the Way were just too good not to include and I adjusted my mana to compensate)
If the creature this Aura would enchant is an illegal target by the time Knightly Valor tries to resolve, the Aura spell doesn't resolve
This keyword shows up on various permanents, including creatures like Brineborn Cutthroat, artifacts like Instant Ramen, and enchantments like Cast Out, and even planeswalkers with The Wandering Emperor
I also think this card is a bit underplayed
The path to the former is well-worn in the format, paved with cards like Traumatize, Maddening Cacophony, and Cut Your Losses