You're right - an LLC is not taxed like a regular corporation. However, neither is an S-Corp.
If I remember correctly from my corporate tax class, both LLCs and S-corporations are generally treated as "pass through entities" (if the appropriate elections are made). Therefore S-Corporations are not subject to double taxation.
Another interesting note: In some cases LLCs can be taxed as corporations (and therefore subject to double taxation), if the founders don't file the appropriate form.
Just to be safe, if you're forming an LLC, you want to file form 8832 and elect to be classified as a partnership (if there's more than one partner), or "disregarded as a separate entity" (if you're all alone). DO NOT elect to be treated as a corporation - unless you want to be taxed as such.
If I remember correctly from my corporate tax class, both LLCs and S-corporations are generally treated as "pass through entities" (if the appropriate elections are made). Therefore S-Corporations are not subject to double taxation.
Edit - here's more info: http://www.nolo.com/article.cfm/objectID/A30CE890-BBAA-4B8A-AD66A33FA038988B/111/182/241/ART/