If you get a compression lock and really look at it, you will notice that it is a lock that is almost perfect. It wont fail, unless the pivot or handle breaks, which is very unlikely. I have made all locks fail except the Compression or Frame Locks.
I have 3 Para's and they are all great, I also have a few other compression lock models, and I would almost guarantee that it is the best knife lock ever made.
It has already been said and well documented how it works. Though if we take a look at a Linear lock, or Frame Lock. we need to ask ourselves. Why do these fail. If we Baton a knife with one of these locks, the shock hits the blade and the resonance goes right into the lock/handle causing Harmonic Motion. On a Linear/Frame Lock, the resonance causes the lock to wiggle, it waves, and theses waves are what causes the knife to fail. What I mean is take a Thiner cheap handsaw and put it in a vice and pull one side down, let go and you will see the motion of the leaner/frame. The motion is horizontal on these locks, meaning the the lock actually always moves on or off the tang and this causes the lock to fail if given enough pressure or if you hit it just right.
A Lockback has the same resonance, though it relys on the spring to hold it down, and we all know springs are prone to resonance or Harmonic Motion, so if the spring is build well enough it is not a problem, though I have made Lock backs fail, it has never been a Spyderco, they are very well built.
Now to the compression lock, if we look at it, the lock takes the same resonance from batoning, though the way the lock is implemented, the lock has a vertical resonance, which in our uses only helps us. The Vertical motion is dampened by the tang and the stop pin. It is a brilliant Design.
It does resemble the Axis lock, but is very different, because the Axis lock Bar can actually roll off the tang with enough pressure, though a Compression Lock Cant, because it is stuck between the stop pin and tang.
I hope this helps in your reassurance, the Compression lock is one of the best knife locks you can buy, I have 3 Para and Love them all. Also look at the Spyderco Lil ' Temp if you can find one.
Good luck.