Baloney.

Having just overhauled a couple of these, I can tell you they're eminently serviceable, and pretty much the duck's guts. Although I'd advise against fully disassembling the lower pivot, as the little collar that holds the pivot bolt onto the cage is a really tight press fit and problematic to get back on there. You should be able to disassemble the pivot enough to clean and re-lube it with no issues, though.