I had heard a lot about problems with the locks on older ones, but these types of problems were supposedly corrected with the latest Military. I can only say that the lock on my newer one works as well as any liner lock can; it's certainly rock solid.
As far as CPM-440V goes, I think the jury is still out, but there is obviously reason for concern. It may be that 440V is simply too brittle for a folding knife blade steel. However, I'd like to see some more testing on it and experiences with it before any final pronouncements are made.
Anyways, I don't think it's possible to substantially improve the Military's overall design. The general proportions, ergos, blade geometry, etc. are all perfect in my humble opinion.