In the years I've been using LJ, this is the most threatened it has ever looked to me. It's not going to be closed yet - perhaps never, depending on what happens - but, just as a preventative measure - it's worth backing up your data now. Just in case.
I truly hope it doesn't go away though. Our social networks would scatter among other sites. FB* is the only other one I regularly use, but it's no substitute for our extended prose and picture interactions here. Even if it did, however, its influence will be long-lasting, from all the open-source software it developed, its creation and championing of OpenID, and the large, robust communities it created, and individual social interactions it enabled. No obituaries yet though - this is a large warning flag, not The End.
Edited to add: No real additional news, but another news article on the subject, this one from Marketing Vox.
Further: More confirmation of 13/28 laid off in the US, plus a couple more in Russia, but that still means the company retains the better part of 50 staff members in Russia, plus 2/3 of their US staff. Another article, from paidContent, saying that the layoffs are part of a move to focus the company in its Moscow HQ. In which case, it really is just a restructuring move, not a more worrying sign.
Further yet: Ah, the PaidContent article is apparently regurgitating a press release from LJ. (That's good! They're doing PR!) Mashable quotes the press release, but is still cynical.
* If for some reason you wanted to stay in touch that way, my full name is available through the "about" link in the sidebar on my LJ. If you don't think I know you by name, please include your username when making friends requests there!
