The embedded browser in RSSOwl is the Internet Explorer on windows. But it should use the same settings as if it run outside. So, if the IE is configured properly, it should not be a security problem in RSSOwl either.
Btw, RSSOwl should support the new Internet Explorer 7 out of the box. I did not yet try it out, but as far as I know, IE 7 adds some nice security enhancements.
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