I read a document on UI design the other day, which noted that most people won't read any paragraphs that are longer than a few lines. I wonder how many people actually read the introductory text on the main page?
Also, excessively wide lines are difficult on the eyes. Ideally (in my mind), the paragraphs would each be three inches wide and around two inches tall.
You mission, if you choose to accept it: consider what information is important to present to someone who doesn't know anything about livejournal. For example, noting that we're open source is cool, but it probably isn't the third thing you'd tell someone if you were introducing them to it!