elsejournal is a community for developing an LJ-like tool that is distributed across multiple hosts. If you're interested in helping, join the community and comment on this post with a Google account email address to be added to the project on Google Code.
"Rough consensus": we're looking to get something that is quite close to LJ, probably based on the actual LJ codebase, but gracefully sticks myLJ to yourLJ via OpenID.
"Running code": if I squint, I think I can see a keyboard and screen in front of you. Our svn repository has a copy of the LJ head code. Please get hacking. Kthxbye.