Does the WP_Query ‘private’ argument for post status only apply to privately published content?

The only peice of code that I can find that applies to this is on line 2430 in query.php in WP 3.4.1

foreach ( get_post_stati() as $status ) {
  if ( in_array( $status, $q_status ) ) {
    if ( 'private' == $status )
      $p_status[] = "$wpdb->posts.post_status = '$status'";
    else
      $r_status[] = "$wpdb->posts.post_status = '$status'";
  }
}

From what I’ve experienced, with any other post_status param added with the ‘private‘ param added, the results will not be cross compared. For example, both (public) ‘publish‘ and ‘private‘ added, it will still return both publicly published posts and privately published posts. Here is a simple piece of code demonstrating it.

function example($post_status       = array('publish'),
                 $excludeCurrent    = 0)
{
    $post_type_names = get_post_types('', 'names');
    $skip_post_types = array('attachment', 'revision', 'nav_menu_item');
    foreach ($skip_post_types as $value)
    {
        unset($post_type_names[$value]);
    }
    unset($value);
    unset($skip_post_types);

    $arg_query = array(
        'post_type'         => $post_type_names,
        'post_status'       => $post_status,
        'post__not_in'      => $excludeCurrent,
        'nopaging'          => TRUE,
        'order'             => 'date',
        'orderby'           => 'DESC',
        'suppress_filters'  => TRUE
    );

    $example_query = new WP_Query($arg_query);
    return $example_query;
}

$example01 = example(); //returns only publicly published posts.
$example02 = example(array('publish', 'private')); //returns both publicly and privatly published posts.
$example03 = example(array('future', 'private')); //returns both publicly and privatly future posts as well as privatly published posts.

The third example is where my biggest issue is. After digging more before I posted this. I noticed that the operator ‘OR‘ is always added between both post_status for the MySQL query. I also notice that the search param may offer a solution. So is there some additional filter that I may be missing? Possibly one to switch the MySQL operator ‘OR‘ to ‘AND‘?