In my opinion, the strength of the liner lock, as far as the custom knife world is concerned, is that it is easy to manufacture by hand. Sure, they take some expertise to make work well, but the tools and technology needed to cut a lock bar out of a Ti liner are quite simple. You can even have your liners laser or water jet cut for you.
Another strength is that they are quite strong if they hold, especially if they are cut from fairly thick stock.
The primary weakness of the liner lock, is that even when made to perfection, it relies on friction between the lock bar end and the blade tang to keep it in place. Wear, dirt, over lubrication, under lubrication, handle torqueing, and a lot of other variables can reduce that friction to the point where a sharp impact to the blade spine, or even hand closing pressure, will cause it to release. I have experienced this with liner lock folders made by the acknowledged best makers. It is not the fault of the makers, it is the fault of the mechanism.
The liner lock is old tech. The integral side lock, the Lake/Walker LAWKS system, the Axis lock, the Rolling Lock, the SpeedTech button lock, the Spyderco Compression lock, the Sawby lock, and various button locks all make it obsolete for hard use cutting tools. It is just fine for fancy folding pocket knives though. Just keep in mind that "folding" is the key word.
[This message has been edited by Steve Harvey (edited 11-08-2000).]