I haven't put the compression lock through any torture testing, but I can briefly describe in my interpretation, the mechanism.
It is not like the axis or rolling locks. The mechanism is similar to a liner lock, but it's application is different. It wedges a portion of the liner between a heavy pin and the tang of the blade, 'compressing' the wedged portion of the liner. It appears to be very solid and it uses Spyderco's arc ramp and eccentric pivot pin for extended wear adjustment.
IMHO, if you like linerlocks, I think you could get accustomed to the compression lock real quick. However, if you are into the side-slide mechanisms like the axis and arc locks, this may seem a little odd at first.
Doing a search on the Spyderco forum may turn up more detailed descriptions.
As for using the compression lock on the Military, the compression lock shouldn't affect the slim profile at all. Spyderco has a compression lock on one of their prototypes which has dual 'nested' liners, maintaining a slim profile. IMO, almost any current linerlocking knife with nested liners or not, could be retrofitted with the compression lock.