I am quite capable of reading the blogs of any my friends who blog using any given set of popular blogging tools in a convenient manner without having to make a daily round trip of hundreds of sites, thanks to the magic of RSS readers. I use net netnewswire, others just use google reader or bloglines or some windows desktop app or other.
All of said alternative blogging tools offer, or can be set up with various privacy options. In fact, LJ is a bit stunted in it’s privacy tools, because it doesn’t allow authentication to enable reading of locked posts via RSS.
If LJ goes away (and despite the links posts that I have coming up later in the day, I am a long way from believing it will, and certainly not overnight, although the service might get a bit shoddier) then I will still be able to read and comment on the writings of any of my friends who care to set themselves up with any one of a number of free services in a a manner just as convenient as reading my LJ friends page.
Which is another way of saying: breathe the fuck out, everyone. There is no need to start screaming yet.
Or, in one sentence: the net interprets damage as censorship, and routes around it.