The one handed Victorinox SAKs use a liner lock. On the large models with nail nicks, a proprietary (I think? At the very least, I haven't seen or heard of it elsewhere) system is used. The "grey switch" you noticed is basically the trigger for a pin that locks the backspring in place when the blade is open. You'll notice on these models that the backspring sits higher in the spine when closed - this is so the pin won't index into the locking slot when the blade is closed, allowing you to open the knife without disengaging the lock. I really like it - it behaves exactly like a regular slipjoint, except it locks... What's not to love?
As for strength, I'm fairly sure the blades on these will snap in two long before you come anywhere near breaking the lock. They're SAKs, after all - what're you going to do, spine-whack them?