Yes, the latching mechanism is good. I actually bought one of these and the fit and finish are very good. The drawers operate very smoothly and tightly.
I have been hearing about the really cheap HF 41" and 56" rolling cabinets, and I would like some more space, so I went down to an HF store this afternoon to look at their boxes. On the way, I stopped at a Costco and asked whether I could return their "Kubota" tool chest if I decided to get another, and they said, sure.
I was extremely unimpressed, however, with the HF boxes and chests. The drawers and cabinet doors were flimsy and rattly and junky. So, I am back to figuring I'll stick with the Costco. I do have my old Waterloo stack and though the slides are just slides and not bearings, the drawers are much tighter and better than these HF ones.
Oh, well, back to planning. The Costco one is quality for the price. They also have a stainless, 72" rolling cabinet with four swivel [locking] casters and it is also pretty nice, though I didn't get to check the drawers and hardware and it is too long for my space. Something like $599, I think it was. Hardwood work top, liners included, etc.