The following lists pros and cons, as I know them, in comparison to other lock types, not just other liner locks. In general, I think of the Military nested liner lock as a nice improvement over the standard liner lock.
Pros of the Military nested liner lock:
1. Light in weight
2. Slim in the pocket
3. Excellent strength under vertical loads
4. Self-adjusts to wear
5. Easy to manipulate
6. Easy to clean
Cons of the Military nested liner lock:
1. Expensive and complicated to manufacture
2. Not ambidextrous
3. Can slip under extreme lateral force
4. Places finger in path of blade when closing
The nested liner lock is not the end-all and be-all of locks, but a good basic lock for right-handers who want a maximum amount of convenience. If you're right-handed, and use your knife for cutting and not prying, it's more than enough lock to get the job done. If you find your blade stuck in the substrate being cut, and need to apply lateral pressure to free the blade, I recommend "choking up" on the Military, so that your index finger is placed in the choil. This will create an effective ricasso against lock failure.
Hope this helps.