Yeah, I'm not buying the "more moving parts to fail" bit either, for exactly the same reasons. Mechanical systems using bearings to improve reliability where friction would otherwise lead to issues. Comparatively, rotating elements with bearing systems last longer and require less lubrication and maintenance than they would without bearings.
That said, I don't really get into any of the "parts will explode" arguments about knives. I always hear the few axis lock naysayers (they're doomsday preppers or something, maybe) reliability loons saying they don't like the axis lock because it has springs, and I carried axis lock knives exclusively for years without the omega springs ever being an issue in actual use. If a spring failed, the knife had another one, Benchmade would fix it, and besides the lock could be forced to stay locked by jamming anything in the hole if they both failed.
As opposed to my receiving a simpler, brand new Emerson that didn't lock properly at all, I'll take a system with bearings or springs or whatever, if it's done right.