Clarification of the FlyBy Attack Feat - 3.5 Edition (third ed.)

I think Wizards could have done a little better clarifying the FlyBy Attack feat.  I read the text several times before I discovered their intent.  If a creature has the FlyBy Attack feat, the creature can either:

• move then attack while moving again, or
• attack while moving, then move.

A creature without the FlyBy attack feat can:

• move then attack, but not move beyond the opponent, or
• move then Move without attacking, or
• attack then move, provoking an attack of opportunity.

FlyBy Attack does not mention that no attack of opportunity is allowed and therefore I believe that it is.  Thus, if a demon with Fly '90 and the FlyBy Attack feat saw an elf 120 feet away, the demon could:

• spend its first move action moving toward the elf,
• then spend its second move action moving past the elf,
• and while moving past the elf the demon could make a Standard Attack.

As the demon moved beyond the elf, the elf would be able to take an attack of opportunity on the demon.  If the demon survived, it could keep flying and end its turn 60' beyond the elf, and 180' from where the demon started its move.

If the same demon attacked an Ogre with 10' reach, the Ogre could take an attack of opportunity before the demon struck as the demon moved from 10' away from the Ogre to 5' away from the Ogre.  If the Ogre's attack of opportunity did not kill the demon, then the demon could make its standard attack and fly beyond the ogre.
Of course, if the demon also had 10' reach it might not move so close to the ogre.  And if the demon had 10' reach, it could completely avoid the attack of opportunity from an elf with 5' reach.