I have had 2 lockbacks fail. One was a Buck that looked locked, and felt locked but wasn't. On inspection it had a teeny tiny bit of lint from my pocket in the tang notch. Cleaning it fixed the problem, but I think does a good job of illustrating one of the inherent weaknesses in the design.
Its just my opinion, but I think that most lockbacks, while fine, are not a very reliable lock. And of course they rely on a spring that CAN fail, and WILL slowly wear out and loose tension over time. Granted, the back-spring on a well-made lockback should last MUCH longer than every other part of the knife but...I just don't care for them.
my $.10