I just got a MOD CQD Mk II about a week ago.
I haven't had a chance to really test it out yet, but I have some initial opinions.
The plunge lock consists of
1- a cutout/dip in the top edge of the blade, and
2- a spring-loaded pin/cam, in the exact negative shape of the slot
Unlike some other locks, where the pin rides along the edge of the tang, this one is pushed along the SIDE of the blade by the spring, riding along the edge as the blade rotates to open and close.
Once the blade is opened all the way, the spring pushes the pin into the cutout and the blade is now locked. There is no stop pin; instead, the ambidextrous thumbstuds brace the blade up against the flare in the top of the grip.
The unlocking button is tight and small. I can't disengage it using only the pad of my thumb, without using my thumbnail (and I have small hands.) It seems difficult to disengage with gloves on.
Overall, lockup is extremely tight. There is absolutely no play at all, while maintaining a smooth and moderately tight action.
Because the pin is constantly pushed up against the blade, frictional forces do apply to the action. In this way, it's impossible (or so it seems so far) to have the blade very loose, like I have the setup on another linerlock of mine (although the loose action equates to a bit of play when open, many linerlocks also get jumpy when tightened too much, and I'm not doing any SD with it...)
It also took a number of solid hours of work to get the action non-gritty (as evidenced by an earlier post of mine.)
I originally chose the plunge lock because it wasn't friction-loaded like linerlocks, and I've had some close encounters (under duress) with normally-behaving linerlocks. I also have seen the lock wear down to the point of creeping entirely across the blade and loosening up to the point of being easily disengaged -- whereupon it seems to need some professional services (or a prompt EOL...)
I wonder, though, after seeing the mechanism, whether sufficient use will cause the plunge lock to develop some permanent play. If there's any inaccuracy or abuse to the locking pin or slot, it looks like the lockup could get loose. Furthermore, it's not self-healing/adjusting like linerlocks.
Either way, it's a very nice locking action. It's extremely solid, there's very little fear of mistakenly unlocking the blade (and the CQD's safety reduces it even more), and it's not subject to the same wear as a liner.
Hope this helps.
-Jon