The bali lock is more of a latch to hold the handles together and doesn't have much to do with locking the blade in the open position. You can have a bali without a latch and if you keep the handles squeezed together the blade isn't going anywhere. I'd be more worried about the small pins wearing or failing on a bali before I'd worry about the latch. That said, I don't care for balis as working knives. I haven't seen a bali with a blade I cared for. They're just kinda skinny and boring to me. I can see them being used for self defense, but I'd rather have a regular style folding knife with a more comfortable and secure handle, larger blade, etc.
As far as how locks hold up over time, I'm probably to young to offer much input from personal experience, maybe when I'm 70 I'll have more real world experience.

However, I have heard of people's liner locks wearing all the way across the tang of the knife, which may result in the knife developing a lot of play. I would imagine a frame lock could have similar wear and I have heard of frame locks and liner locks needing service due to wear.
The knife I have carried the longest and used the most is a Benchmade AXIS lock. If anything the knife has gotten smoother and better with use. I haven't had any failure and signs of significant wear. I think the nature of the lock up would make it take a long time to wear out, especially if it's kept lubricated. Liner locks and frame locks grind and stick more and the process of disengaging them results in the parts rubbing quite a bit. I can see how this can speed up the wearing process.
I think any well made knife made with quality materials, that is well maintained and not abused, should out last the owner.
I'd like to hear from people who have had quality knives wear out on them and what kind of locks they were.