People looking to move from LiveJournal to self hosted solutions might really like a program called
Gregarius to duplicate your friends list.
It's themeable and has plugins (similar to WordPress) and you can get your friends' feeds into it by using
?auth=digest (Which you can keep private, so their friended entries don't end up publicly displayed to the web!) They even have a
guide on adding LiveJournal feeds on their wiki.
You can delete items older than a certain number of days, but still keep sticky or tagged entries. You can group feeds into folders and categories, like friends filters. There's
a plugin to support inline MP3 playing, which works for voice posts. (I tested.)
There are even a couple of nice features that LiveJournal can't give you! You can search the entries, and you can show only unread entries.
The minuses: you won't see icons or LJ-cuts (which is less of a concern for the way Gregarius is built, but sometimes people do put information in the LJ-cuts that they don't duplicate elsewhere) or LJ entry tags.
It supports importing for OPML. I'm not exaaaaactly sure what that means, but I think it should be possible to use it to make an easy friends importer. I'll look into that.
Gregarius requires PHP 4.3+ and either a MySQL or SQLite database.
So far I'm quite impressed with this app; it's really nice, and if you have the hosting abilities, I really recommend you check it out.