The main, and most important difference between a liner lock and a compression lock is the direction of forces when stressed.
A liner lock by it's nature is already being stressed down it's length. When more force is excerted on it via the blade, this new force is also transmitted down it's length, with the theoretical possibility of overloading the lock. "Theoretically" as I have never had one fail on me, and I've had several.
The compression lock on the other had has the same initial stresses as the liner lock down it's length, but any new forces introduced by the blade are transmitted perpendicular to the locks length, so evening out the lines of stress.
A common complaint of the compression lock is the liner can looks too thin. If it worked in the same way as a liner lock this might have some merit. In reality the "thickness" of the liner is measured as the distance between the back of the tang and the stop pin, which is usually in the 5mm to 6mm range. Quite thick for most peoples needs
Spyderco have said that in destruction testing, it's not the liner that fails first, rather the stop pin. Which is quite impressive as the compression lock is only used in all metal handles, or handles with dual steel liners.