Here are some really, really informative links:
List of specific layoffs and collection of official and unofficial links.
Press release on livejournalinc.com.
Hopefully most of you have seen this stuff already and have put the Tums back in the medicine cabinet, or were blissfully ignorant.
Having got that out there, I just want to say that I do not think you can get the comment functionality and security level customization you can get on LJ elsewhere. I would still encourage new users to sign up for LJ today, even though I now maintain a Wordpress blog (that almost no one visits because hello, everyone's on LJ) (to those who do visit: THANK YOU!) and just crosspost. LJ was a pioneer from the beginning and still has a feature set that rocks socks. So, you know, back stuff up, experiment with other stuff, but don't like, leave.
I love my google feed reader but my friends list is like a daily stroll through the neighborhood.