Ahh the ABA Pagoda.. nifty lock..
Here's an animation of it working.
http://www.abalocks.com/comm/upimage/w_111121_01838.swfIn the 1930's there was a "similar" lock called the Wise padlock and it used a key that was stepped and would push concentric rings together to create a flush shearline, this is like it's distant cousin, where it pushes discs a certain distance depending on the key cuts and the posts on each disc, and if it pushes them the proper distance, the bumps in the wafers get to ride in cutouts in the shell and the lock is allowed to turn.
As to an actual name for this mechanism.. Graham Pulford calls it an Inline Push Type on page 196 of his magnificent book: High Security Mechanical Locks: An Encyclopedic Reference. Graham is on this forum by the name of greyman, it is a book most of us own, and I highly recommend it to anyone serious about physical security research.
Squelchtone