Thanks to will_couvillier for pointing this out:
LJ seems to be in some turmoil. There were some layoffs and some of the development and design has been pushed to Moscow, while other aspects (like server hosting and support) are remaining in the U.S. This has got a lot of people nervous about LJ’s future. Post of the talk is that LJ is not going away, but just to be safe, I’ve created backup blogs on both wordpress and blogger. I’ve already ran an import of LJ blog data to wordpress and it worked seamlessly. I guess it’s a good thing I archived my entire blog (3 years worth of entries, over 700,000 words) at the beginning of this month.
For now, I’ll be sticking it out here. After all, I have a permanent account. But should things get chaotic and LJ becomes kaput, I’ve got backups (both data and blogs) to keep going without a hiccup.