I've found there's a couple ways locksbacks sometimes fail.
The main way is through the hand accidently engaging the release button. This has happened a lot, and is probably the reason for many of the unexplained lock releases. You're grasping the handle firmly, doing some hard work or whatever, and you twist your hand just so, your palm engages the lock release, and the lock disengages. Depending on your hand, you might have more problems with one time of lockback more than another. For example, some people have a lot of accidental disengagements with the backlock format, as found on the Buck 110, where the button is way at the end of the handle. Other people have more accidental disengagements with mid-locks, like Spyderco's line. Me, I've never had an accidental disengagement with either kind, but that's partially because I try to do at least some basic testing before I use the lockback -- holding firmly in various positions while torquing the blade to see if I might accidentally hit the button.
A much rarer problem is just shoddy workmanship on lockbacks. Sometimes the back spring is just way too loose, and will bend up and out. I usually find this on cheaper lockbacks, but there are definitely exceptions. For example, for a while the large-size (not mid- or small-size) Benchmade Ascents were miserably failing spine-whack tests, as Mike Turber discovered and many people here corroborated.
While I feel that lockbacks are generally-speaking more reliable than liner locks, you should still test your locks. I test all my locks extensively, including my one integral lock and two axis lock folders! Don't rely on format alone -- test!
Joe