Several years ago, a fellow posted on one of the knife forums (I can't remember if it was here or not) that he had gone out of the country on extended travel. Before leaving, he'd placed his rather impressive collection of knives, some original Randals, etc., into one of those sealed ammo boxes, tossed in a few dessicant packs for good measures, sealed it up, and put it in storage with the rest of his stuff. When he got back, he opened the box and discovered his valuable collection was not anymore. All knives were hopelessly rusted.
What happened?
The concensus was that the culprit was the dessicant pack!
But how could the dessicant packs cause rust? Simple: they absorb and trap moisture. But because the air around us contains, on average, about 30% water, dessicant packs left in open air quickly become saturated. Once saturated, they can turn around and release that stored moisture under the right circumstances (primarily a change in temperature).
In order to use these packs correctly, you need to bake them to drive the moisture out of them before you quickly put them into your sealed container. The bake is typically 16 hours at 250F.
If you don't go through this baking process, the dessicant packs can do more harm than good.
Dessicant packs absorb water. That reduces the risk of rust, that's for sure. But, it can also be very bad for leather, wood, real ivory, bone and horn, and other materials commonly found on knives.
If you're planning to store your knives for an extended time, I'd suggest Renaissance Wax over dessicant packs any day.