The Kershaw Skyline and Atmos, the Spyderco Native 5 G10, and the Cold Steel Recon 1 are some examples of knives use G10 as a structural material and they work well, ranging from light duty to heavy duty. G10 is great stuff, it's really tough so you'd have to be trying to break it to succeed. I had my doubts about G10 at first, but after really using knives made in it I would say the material is probably on par with or better than aluminum or brass, depending on the application.
The big advantages of G10 are that it does not corrode, nothing soaks in when water or chemicals get on it, and it's ridiculously light for its strength. The only drawbacks I can think of are that it does need to be sufficiently thick, otherwise it could flex too much or snap, and washers do need to be used to reinforce pivots and other heavy wear areas. As an example, in the case of the Atmos there is a steel washer that the bearings ride on to separate them from the G10 as they will eventually cut into it and loosen up the blade.
I would assume they are trying to reduce maintenance and weight in a slipjoint by making the liners out of G10, and for a non locking blade it should be more than strong enough.