The handle opens on one end via a cap. When the cap is removed this allows the steel cylinder pressing down on the blade block to slide out. In turn, the blade block with blade attached can slide out too and be either turn around for use or put back in with the blade inside the handle chamber.
Yes, but it seems like an inherently dangerous process. Out slides this blade point first? How do you stop it? Especially when you are holding the inner tube that already came out?
Honestly, to me the complications involved in "deployment" (including that one) are the deal breakers.
I'm sure its just as "solid/guaranteed" a locking system as any other. I.e., it can fail. But so can every other lock.