For those looking to back up their journals just in case of any unpleasantness in the new Terms of Service or afterwards, there are a couple of tools available outside of LJ's built-in options:
There's a service at http://www.ljbook.com that will turn your entire journal, including comments, into a PDF e-book. You can specify individual years if you want, and decide what elements to include/exclude (moods, music, private entries, etc.). it's free but they welcome donations. That's the easiest way to back it up in a readable format.
There's also a downloadable program (Windows only - feh!) at http://fawx.com/ljArchive/ that will archive it as XML the way LJ exports it, but en masse rather than month by month. That approach is best if you want to import it into another blog program of some sort, like WordPress which I mentioned above. Possibly some of the LJ clones out there would allow importing it from that format too, I don't know.
I posted these in a reply to one of the commenters on my last post, but thought I should probably post them separately as well for others who may be interested.