But at 33,550,000 a second, the 'lock and 'key' method would seemingly be too great of a workload on the bus to the processor.. what is there a queuing system? What happens if one of the bits or bytes missed? Does it go to RAM then? Thatd have to be like twice as many bits then to verify each signal twice.

At 33 million, they're probably using quantum's.. aka super conductors. The tower sends a string of 33 million bits in a single spurt of waves aimed at the device, it goes onto a superconductor, and is processed in bulk without too much hassle for the CPU. The phone screen essentially is just a TV picking up your own private TV show just for your phone.