Alright. I have tried it and it worked twice with me so far. Probably have tried it like 3 times, so definitely good numbers...
First of all, what they explain is something that I really didn't think about before and it is probably something you know about already Chase, and that is that women make decisions based on emotions and not logically like we do (most of the time). Basically what this means is that you have to try and spark emotions (good ones obviously) when you are texting a girl. Which thinking about it, is the main idea behind your online dating example, Chase.
With that said, another important thing, and I am not sure if you have mentioned this Chase, they say is that you shouldn't get to know a girl through texts. You should only use texts for one thing and one thing only: getting her out. That's it. Or else you will risk becoming a texting buddy.
Now, the Keylock Sequence is a three step process: Stage 1: Spark an emotion (start with a funny text, so you get her in a good mood). Stage 2: make a connection (talk about something personal, hopefully between the two of you). Stage 3: Pull the trigger (ask her out). And that's it. Every text should be to accomplish something, and specifically and most importantly, to try and move you forward from one stage to the other. The idea is to send the least amount of texts possible to get her out.
For what it is worth, to me it worked the most with a girl I was always inviting out but she never wanted to. I pulled the Keylock sequence and she finally agreed to go out (although we never could cause at the end I couldn't....but I finally got her to agree).
Hope that helps a little!