Little (well this may be long - lol) update
After a few weeks of use, the action was getting smoother but not quite there. Opening and closing the blade, I would sometime get areas of "resistance" or "stickyness" in the open/close action movement. This was really bothering me because sometimes it was really getting smooth as hell, the blade would almost drop when the lock was disengaged and the knife parallel to the ground. But other times, the rotation resistance would increase dramatically, meaning that the blade would stop halfway (especially when wrist-flicking the knife closed).
I bought some loctite the other day at the hardware store as I thought I might end up having to perform a bit of surgery on the knife to see what was making it stick. I'd like to say that lock-up is at about 50% and there was/is ZERO lateral or up and down play. I'm very particular about the functionality of objects/tools I buy, especially intermittent issues such as this one. They just frustrate me and I was starting to get annoyed with the "legendary" para 2 "smoothness" (it was smooth...about 60-70 % of the time).
I read another thread where a user explained that he had lateral blade play which he fixed by opening up the knife and smoothing down the inside of one of the steel liners. More specifically, there was a ridge around the clip screw holes, most likely caused by machining or threading of the screw holes into the liner.
I decided to take the knife apart tonight to have a look...Lo and behold, the inside edge of the non-locking liner had the same issue. The two clip screw holes nearest to the pivot had an ever so slight ridge all around protruding from the surface of the liner. The outer edge of the bronze washer was obviously contacting with these ridges as it was discolored (blackened) and a bit worn down on the outside edge contacting the scale.
I took a bit of high grit sandpaper and polished the whole area of the liner that made contact with the washer. I then took the pivot out of the other liner to examine the area contacting the washer but everything was smooth - no ridge around the clip screw holes. I cleaned up the scales, lubed everything up and put it back together. That pivot system is a b*tch to to tune. It's very hard to dial out side to side blade play while maintaining a smooth blade rotation action but after playing around for a few minutes I figured it out.
Pro-tip putting the knife back together: The stop pin screws AND the pivot screws all affect the blade's rotation action. You have to adjust the tension on all of them to dial out blade play and keep a smooth action. I'd suggest assembling the knife and adjusting the tension on all the screws to dial in the perfect amount of tension then taking each screw out one by one to loctite it in back in place. It's much easier to come back to that tension balance between all the components when you're only taking one screw out at a time and because loctite will start locking your screw in place after about 10 minutes, you have a limited amount of time to adjust the tension or your loctite is ruined. Do yourself a favor and assemble the knife, find the sweetspot for all the screws and then take them out one by one to loctite them.
Sorry for the long read but I figure I'd throw as many details out here to help you guys out. It's a different knife now it really is, its consistently smooth and while the blade doesn't just drop when I disengage the lock, the tension is even and consistent throughout the blade's rotation and there is zero blade play in either direction.
Really glad I took 20 minutes to do this, the knife is perfect now. It's just too bad I had to do this on a $175 knife (I'm from Canada, everything is more expensive here - lol).
Cliffs for those in a hurry: Action smoothness was inconsistent, blade would hit "sticky" spots when opening/closing. Took the knife apart and this was caused by ridges around the clip screw holes near the pivot on the non-locking liner. Polished the liner down to create a smooth surface to interact with the washers, put it back together and now the action is like BUTTER! Worth a try if your action isn't so smooth. Good luck!