form and List 5.0.x behave like this:

• You can disable "visible on list" for each column. Now these columns diaspear in Grid Table for those who don't have the "Show all columns" permission.
• The Permission Grid enforces that all permissions are always enabled for Administrators.
  
  • This enforced permission can be negated in the form And List Settings
  • UDT behaved different, it showed these columns depending on the current mode (View or Edit)
• System columns (created/changed by/at) are always hidden if visible on list is disabled.
  
  • If you need to show one of these columns controlled by permission, you need to "republish" them in a calculated column
  • FnL5.1 will provide a new option which let these columns behave like any other
• The "visible on list" setting is NOT a security option! XSL scripts can do anything they like with this setting. It is up to the script author to give it a meaning. The build in XSL generator hides these columns always in the default list but shows all columns in detail view