FUD,
Not quite (glad that the photo is above so you can scroll up and see what I'm talking about), the safety/decocker works both in SA or DA mode. You push down on it (see the notch in the grip) to decock the hammer. If you then flip the lever up into the traditional safe position it will work in either DA or SA mode. The only thing that I would be concerned with if you carried it cocked and locked is that there is no grip safety in addition to the frame safety. If you managed to wipe if off while carrying it around you would only have the light SA trigger between you and BANG. When I carry mine it is with the hammer down, safety on (I've only managed to wipe the safety off once and that was when I first started carrying it and was constantly fiddling with it. So I'm not sure if it is too big of a concern).
Hope this helped a bit, it is a nice pistol. One thing that you should know is that there aren't many holsters made for it specifically (I have a tuckable Galco for a Glock 17 (I think) that works) and not many aftermarket magazines. Still, for the money it works well.
Greg