l.m. orchard asks "Why does everyone seem to ignore LiveJournal"? I think there are a couple of reasons. The first is that, as said, most of it is pretty lite on actual content. Try clicking on the random journal a few times. The chances of finding something with a lot of content are pretty slim. Heck even my LiveJournal is just me posting about what I ate when I feel like it.
I mostly use LiveJournal to keep up with the friends of mine who use it. I've added a number of other random people just because I find reading their posts to be interesting. But the content in LJ seems to be different then your usual blog. It tends to be treated much more as a diary or a place to post your quiz answers. And anytime I've looked at any of their user groups I've been very disappointed by the lack of any real discussion.
LiveJournal does have some cool features though. The whole concept of friends over there is quite useful. It is kind of like its own built in RSS. But it also provides a level of security in that you can have posts that only your friends can read. Within the LiveJournal community as a whole there are many groupings of friends who use it.
My big issue with LiveJournal is that it seems to live in a vacuum. People there don't seem to explore off of LiveJournal that often. There's not any easy way to add a kind of blogrolling list to your journal (at least one that includes people not on LJ). Even their RSS support is pretty lacking IMHO (that could be a whole other rant on its own :)). So while people outside of LJ don't necessarily watch things there often, I don't think LiveJournal makes any great efforts to make itself accessable to the rest of the world. Heck, there are a number of people I've met from LJ who have never even heard the world 'blog'.