I think beetnemesis explained it very well. It's really compulsion more than binding. The specific parameters of any oath are always going to be at least partially subjective. The Rod itself can't enforce how the AS oaths are applied because it's just a stick. So the AS herself is actually enforcing it.

Here's an example: The most literal interpretation of the first oath would prevent an AS from saying anything other than the word "true" ("I will speak no word that is not true". The only reason AS aren't held to that ridiculous if literally accurate interpretation is because they don't believe they should be.

If an Aes Sedai believes she is not violating the oaths, then she can do whatever she likes. If you're thinking that makes the oaths kind of lame... that's because they are. Mind you, it's a lot harder to rationalize things to yourself than it is to others. They have to truly believe deep down that they're not side-stepping the oaths. Because of this, the oaths tend to work functionally exactly as intended, though not exactly how they're presented to outsiders. AS know damn well they can convey misinformation without telling a direct lie.