It'll be interesting to see what it's like in the hand and I can't really come to a proper conclusion until then. I get what you're saying, but on first appearances I really do like the simplicity of the design and that it harks back in some ways to the OG Wave, that along with the PST, Sideclip and Kick are probably my most favourite Leatherman models, none of them had locking tools and like others have already said, wasn't really an issue for me.
But, like I said, I do get the irony you're pointing out though...