I think the FAQ should instead read:
"Not generally, except for members of the community whom you have individually listed as friends. However, if you have the community on your friends list as well (that is, you 'watch' the community), then the community's maintainer may also be view your friends only posts." After this might come some text to the effect of, "If you are concerned about the community's maintainer viewing your friends only posts, you have two options: (1) you can remove the community from your friends list (which does not require that you leave the community), or (2) you can create a friend group that excludes the community and post using a custom security level; see (http://www.livejournal.com/support/faqbrowse.bml?faqid=102) and (http://www.livejournal.com/support/faqbrowse.bml?faqid=24) for more information on friend groups and custom security levels."
Question: Am I wrong in this? Someone commented to say that what I wrote is not actually the case.