Hey everyone! I lived in a FLLC unit in Schwitzer last year and it was good times. It's not really a big commitment, so don't let that deter you from applying. Basically it just means that you have a closer connection to the faculty-in-residence in your building. For me, that was a music professor and her husband who lived in the apartment in Schwitz. She would plan some events for us like going to the opera, or out to dinner in Broad Ripple, and I think we did a service project too. The FLLC units also get more money to put on events and programming, buy tickets to events at Butler and around Indy, etc. so that's pretty sweet - you should definitely apply!!
(Also, I think 2/3 of them in Schwitzer are on the first floor... definite bonus when you're moving in!)