I have a personal interest in this matter so I'm going to explain my opinion and hopefully somebody with a more extensive legal background can say whether or not they agree.
The two relevant laws for California are PC 653k and SB 274
You can find the important excerpts from these laws here if you want:
http://valhallacutlery.com/274.aspx
Reading PC 653k it is clear the the knife meets all the criteria of a switchblade knife but this exemption is what is up for debate I believe.
According to PC 653k:
"Switchblade knife" does not include a knife that opens with one hand utilizing thumb pressure applied solely to the blade of the knife or a thumb stud attached to the blade, provided that the knife has a detent or other mechanism that provides resistance that must be overcome in opening the blade, or that biases the blade back toward its closed position.
Now the knife in question does in fact open with a thumbstud on the blade utilizing thumb pressure BUT it ALSO opens with a lever located behind the blade and secured to the handle. This lever is neither a thumbstud nor a part of the blade. Since this knife opens with thumb pressure on more than just the "blade of the knife or a thumb stud attached to the blade" I believe it would be considered a switchblade.
Can anybody elaborate?

