Not from what I've seen. The only reason I know is because I requested someone who has a lot of requests to go through(i.e. a reality "star"

who accepts requests from fans but it takes a while to accept them all). We have a couple mutual friends and I see when they talk to the mutual friend on my news feed. I can't see their wall or their photos (if their privacy settings are set so that only friends can see them), just can see their status updates and when they talk to mutual friends. I'm not sure why that is (like I said, defeats the purpose of privacy settings), but I've seen it happen many times when I'm the requester, and I thought I'd pass the info along because its better to deny the friend request and risk them getting "upset" than to have them see my status updates if I don't want them to.