Read the lj_news posts here: http://news.livejournal.com/144003.
and here: http://lj-releases.livejournal.com/
The upshot of this is: no matter what your layout is, you will now HAVE TO read your friends page in the default, ugly, LJ eye-wrenching blue and white site style. Had your layout customized for easy reading? Tough. Huge swatch of blank white space with dark type gives you a headache? Buy some fucking aspirin, sucker, 'cause we don't care. Spent hours laboring to get you layout just how you want it, so it makes you happy, is aesthetically pleasing to your soul? Too bad, aesthetics of for sissies; read it our way.
If that's not enough, LJ is also implementing a 'pay to promote' scheme, whereby you can pay to have your entries fasttracked to the top of your friends' reading pages. Oh, and if you've ever had your computer or browser lock up from one of those "infinite scrolling"sites like FB or tumblr? Get used to it, because LJ friends pages will now feature infinite scrolling.
If you think it sucks, comment on one of those pages, and/or fill out this poll: http://foxfirefey.livejournal.com/
Be warned, however, that LJ will flatly ignore you, like it has flatly ignored user outrage (and exodus) over every other lame-brained "update" they've crammed down our throats over the years....
So yeah, if this is implemented, I think I am finally out, done, gone. DW full-time. (And damn, I wish I had never gotten a perm account!)
:::ETA::: I'm not honestly sure this isn't what they want; for US/European users to leave. Read this: http://www.dailydot.com/news/
End of an era of my life.... So, where can I find you all on Dreamwidth? I'm at http://lunadelcorvo.dreamwidth.org/. Come on over and visit. THey are still invite-free, so anyone can sign up. If you've been putting it off, I think now is the time.