I like the grading system just fine.
I think any confusion that results stems from (to my eyes) is somewhat sloppy product line and product model naming conventions.
There are product model numbers such as 110, 112, 501, 119.
There are product model names such as Vantage, Ranger, Woodsman.
There are product families/series such as Bantam, Chairman, Bucklite Max, Ecolite.
And now there are levels: Select, Avid, Pro.
Note that family/series names and product names get blurred. Is Vantage the name of a single product or a family of products? I dunno.
Things get doubly complicated when the names of some product (or product families) incorporate the level in their "product name" such as Vantage Pro or ErgoHunter Select.
My sense is that modern manufacturing capabilities give Buck the ability to produce many, many, many more variants of a single basic design than ever before. IMO, this is leading to an explosion of often closely related knives, many sharing the same blade design. And as a result, they are dealing with a naming problem that simply outstrips the old tradition of model numbers stamped on blades.
It's a hard problem. I would suggest that Matt's confusion was based on his experience with knives like the Vantage Avid (a newer approach to naming, often but not always associated with upgraded steel) and then having those expectations not met when he saw a Buck 110.