Yes, the lock is skeletonized, but in my experience their lock is quite poorly designed even beyond that. I personally don't think the skeletonized lock has much to do with my problems either.
The tang where the lock touches is very rough, has a very concave grind and the lockbar just seems to wear much too quickly (maybe they don't harden it very much?). This has resulted in vertical bladeplay in my SERE with just one strong flick my friend gave it when he looked at it

. I had only flicked it maybe 10 times tops before that, very lightly I might add (just enough to get the blade out and locked). There is now very visible compression of the lockbar where it meets the tang and pressing down on the blade spine makes the lockbar slide a little (due to the concavity and wear). Before that the lockup was "perfect" with absolutely no detectable play in any direction, which was great while it lasted.
Other than that, their fit and finish is good at best. The handles and liners seem to be finished after they are assembled and thus fit gorgeously, but their blade grinds were not to my satisfaction on two of their knives (one sent back, the second is the replacement). I'm a perfectionist though, so YMMV.
Which brings me to my next point. Their customer service (in my experience) was absolutely miserable. They gave me quite an attitude from the moment I called them.
Picture of the skeletonized lockbar:
http://img45.imageshack.us/img45/2046/almarsere2000110oz.jpg