It's a new site running on pretty much the same stuff LJ runs. Like Insanejournal or Greatestjournal, except they claim to have done some major improvements to the code.

Until they actually get a page together with a nice bullet-point list of reasons You Should Switch From LJ, I can't be bothered. So far all I could see from some digging is that they will be nicer to people writing slashfic, and will never have any ads, really, honest! - not enough to even begin to think about moving.

Also they in a closed beta with invite codes; since none of my network has migrated I have no codes, and no desire to hang around begging random people for codes.

Here's someone trying to give me a summation of Why They Are More Awesome Than LJ.