Pint-Sized Gnar Shredder
Join Date: Nov 2007
Location: Somewhere between heaven and hell
Bikes: '09 Jamis Komodo, '09 Mirraco Blend One, '08 Cervelo P2C, '08 Specialized Ruby Elite, '07 Yeti AS-R SL, '07 DMR Drone
I've found lockout to be overrated. I never use it on my bike that does have lockout, since the fork is efficient enough that I don't really lose that much power, and don't miss it on my bike that doesn't (in fact, that fork without lockout is an upgrade from what came stock, and an awesome fork). At some point, you'll inevitably forget to turn it off, and better to ride smooth with it off than try to bomb down a tech section with it on.
That said, yeah, when it's "locked-out" you still get a little bit of movement to keep the fork from breaking if it takes a decent sized hit with lockout turned on.