The all-manual 1022 Lionel postwar and the 5022 switches from the MPC/Fundimensions era don't have any spring/slip feature. The points lock in both straight and diverging positions, so anything running through one against however it's lined-up will derail.
The 1022's did have a reliable electrical cutoff to prevent a train from driving through when the wiring was set up correctly. In general, the 1022's are more rugged.
The 5022's were serviceable, but not really as nice. I don't recall them having the electrical cut-off feature of the 1022s. All of the sections of my old layout using 5022's were wired as insulated blocks with power cutoff switches on the layout's main panel.
Also, 5022's on a typical plywood layout could "creep" open from the vibration of heavy trains passing over them. They just had manual sliding actuating lever that was connected to the same linkage as the remote-controlled version's solenoid actuator. (1022's stay set positively by their gear-and-lever operation, with a lever that must move up-and-over 180 degrees to move the points.) Usually what happens with 5022's is the locomotive and a few cars will make it through a set of facing points, then the sliding mechanism creeps open and a passing wheelset will pick the switch causing a derailment. All my 5022's on the mainline had a piece of bent wire or metal looped around the sliding actuating lever that then wrapped around the front base of the housing over the mechanism, holding in place by spring tension as a safety measure.
1022's seem to be more reliable mechanically, although one tended to lose contact in the center rail power distribution system as it aged. Replacing the rivet in the wide part of the center rail would probably fix the problem; although in my case, what worked was flowing a bit of solder around the rivet and then smoothing the surface flush with the rail.
5022's aren't as nicely made, but by and large they held up better than they probably had a right to. Their tolerances weren't the best in the world; in particular, tire-traction F3 diesels tended to "bang" hard against the frog on some of them. That plus the need to put a spring-wire "safety lock" on them in mainline use tended to make me less confident in them. But they did hold up for years.
These that I'm mentioning -- 1022 and 5022 models -- are O27, as the original post asked. The wider-radius full-O switches tend to be completely different designs, and are in general more robust. O27 never got as much love -- although the 1022s are rather nice overall.
1022's have a very low profile, so longer equipment isn't likely to hang up going through them as long as the trucks and coupler angles can tolerate it. (The little switchstand direction indicator can even be removed and left out if you need.) 5022's have a much bigger, bulky housing that will get in the way and foul longer locomotives and cars with much overhang -- although they will clear anything rated as "O27" in the Lionel catalogs of the day. (Which means MPC "Baby Madisons" will pass them, but real "Madison Cars" will get stuck against the housing; plastic short streamline passenger cars are OK but the aluminum cars won't pass.)