Mr. Gross,
The blade is 154CM steel...some of the best steel out there for knife blades. The Commander blade should not have any wobble or play, and the liner lock is over-traveling on you. Try the following cleaning procedure, and send it back to EKI if it is still malfunctioning on you.
BTW, the 6833 number underneath the thumb stud is the serial number. Each one of Emersons knives have a serial number for identification (in case a fellow officer or team member wants to "borrow" your knife, if you know what I mean @#$%^&). In Richard Marcinko's book, RW Detachment Bravo, he refers to the Emerson CQC7 as being the top of the line among combat folders, and states his own CQC7 has the serial number of 007! Fitting!!!!!!!!!!!!!!!!!! I can't think of a better endorsement!
Try cleaning the portion of the pivot area where the liner lock meets the locking area of the blade (when the knife is closed, you can get to this area easiest from the butt of the knife). Take a Qtip, put a SMALL AMOUNT of gun cleaning solvent (Hoppes No. 9, Birchwood Casey, etc...), and scrub this area. Leave the knife sitting in the open position for about 1/2 hour, and then clean off this area with many Qtips until the Qtips are clean after wiping, and then leave the knife open for a while, allowing the area to completely dry. This action will clean any excess lube off of this area, which could be causing the liner lock to over travel. It's worked for me in the past. By the way, do not lube this area (you probably already know this).
If your Comm is still having this problem, send her back to EKI...they will fix it for you at no charge. BTW...I would caution you to avoid any attempt to "fix" your knife unless you are very knowledgeable in the subjects of knifemaking, blacksmithing, and machining and even then, I'd still send it back to EKI...they are very very helpful and will fix any problems for you. By "fixing" the knife yourself, you could void your warranty and ruin your knife.