The topic: Business, technical, support, and evangelism issues specifically concerning LiveJournal adoption by the world outside livejournal.com. The comments on Mark's recent post are a good microcosm of what might be discussed. lj_biz retains its existing focus on livejournal.com activities.
The need: There's an awful lot of stuff that needs to get coordinated to make this push towards the outside world; a community would make this coordination easier. I'm also uncertain whether it's of interest to the majority of lj_biz members.
The name: I'm not crazy about it, but at least it's unambiguous and reflects the focus on encouraging widespread adoption of LJ and interfacing LJ with lots of outside stuff. Names like "open-source LJ" or "free LJ" imply that there's some other closed or commercial version of LJ, "intranet LJ" ignores non-intranet uses, acronyms with "LJ" in them are unpronouncable, and I can't think of a good cute name.
I have a todo list for stuff we need to get done before a major publicity push happens - beginning of June is probably a good target date - but I'll save it for the new community, if we decide to make it.