Membership - More Tag question

I'm not sure If I'm doing something wrong...

I have the More Tag option set to "No - More tag content not visible."

It seems to work great when I'm logged out - I get the expect message in place of the read more link.
But when I'm logged in, I still see the message? As if it does not recognize that I'm logged in...

Here's a screen shot http://www.screencast.com/t/WtuKhfjrQ
- it shows my settings and that I'm clearly logged in.
(I did verify that I'm logged in as the correct member)

The behavior is the same on the listing page and the post page.

Am I doing something wrong or is this not working as expected?