The Ball Bearing lock is very similar to Benchmade's Axis lock. Like the Axis lock it has a piece of metal (in this case a ball) that runs between a slot on each side of the knife, when open the ball is lodged between the scales and the tang of the knife. This is a very strong lock.
Plus point - the spring is much simpler than those used on the Axis lock, and so the spring is less likely to fail.
Negative point - being a ball bearing it can be hard to get a grip on it if your hands are cold and/or wet.
On balance I prefer the Axis lock, which is a pity as the ball bearing lock is currently attached to two great knives.
The compression lock is definately one of my favourites.
Some have described it as an upside down liner lock, and whilst it might look like such, this is totally wrong. In fact it is better to compair it to either the Axis lock or the Ball Bearing lock, as it works on the same principle, i.e. jambing a lump of metal between the tang of the blade and the stop pin through the scale.
This is a very strong lock (rated as one of the strongest in the Spyderco line-up), is fully ambidextrous, and is very slick to open.
Personally I'd like to see it in a lot more knives.