When the water levels are uneven it means your wine is gassing co2/so2 and the s lock is working properly. When the two cylinders are both level it means your wine has stopped producing gasses.
This is the number one reason I like the s lock. It's very easy to see when your wine is done or ready for the next step.
Jimmy, you are right that an even level could indicate that there is no CO2 being produced and that fermentation is complete. The levels of the liquid in the airlock could also indicate changes in temperature and/or barometric pressure. When I see that my levels are even, the first thing I do is check to see that the stopper is on tightly.
Good discussion here, Friends.