What, exactly, is the "knowledge of good and evil" in Genesis 3:22?

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Genesis 3:22a (ESV):

Then the Lord God said, “Behold, the man has become like one of us in knowing good and evil…"

I’ve gathered the following from the text:

• Adam and Eve knew before the Fall that eating from the tree was wrong (see Eve’s dialog with the Serpent), so this text cannot refer to the ability to distinguish right from wrong.
• God "knows good and evil," so it cannot refer to experiential knowledge.
• There appears to be some important sense in which this knowledge made them more like God (because the text says that they have "become like one us, knowing good and evil").

Can someone explain to me what the phrase "knowing good and evil" means in this context?