My emotions ranged from disbelieve, and went via anger right through to utter OMGWTFBBQ? If LJ honestly thinks they can continue with this utter ridiculousness, I'm leaving for good. Not just having a mirror Journal, but deleting this one (and all others I own), because there is no chance that I will be supporting this behaviour. The moment the right alternative comes along, I'll have a decision to make (in that regard, keep an eye on scribblit.com. For more info read recent entries here: twocorpses)
For a very interesting 'summary': here's a link to questions answered by LJ compiled from that post. Beware the utter confusion, though.
I regret more than ever that I got a paid account. It will definitely not be renewed under the current circumstances. Unfortunately, anyone still using a 'sponsored account' is helping them. They will keep up this insanity, as a few users leaving is probably still covered by the ads :/
Actually the more you read about it, the more cracktastic it all becomes.
ETA: You can now request a JournalFen account here