One of the more interesting features, is that it lets you work with your mutual LJ friends list as your jabber roster/buddy/contacts list:
your Jabber Roster ("buddy list") is integrated with your LJ friends list. If you friend bob and bob friends you, both of you can see each other online. It has to be mutual. Friends that haven't friended you back show up as "pending subscription" in your jabber client, kinda grayed out, depending on the client.This looks to be quite, quite useful.
Still, err, somewhat alpha.