My understanding and I could be totally bass ackwards is that Spyderco only wanted to do a frame lock as long as it was a collaboration with Chris Reeve. Chris was not interested and thus it wasn't pursued.
Matt
If I remember correctly, there is a Spydie in the works that will have a frame compression lock<img src="smile.gif" width=15 height=15 align=middle> This should fit very well into what we are looking for... Just hunt around until you find the Salsa thread, it has tons of info about the project, and the frame compression lock version is the higher end of the two, I think the price point model with have a nested comp. lock