Rather than reinvent the wheel, I'll link to what niqaeli wrote, b/c it makes so much sense.

But first, a little bit about what it is I'm linking to. Dreamwidth is an on-going, open-source project to build a social networking community for all the right reasons.

I liked what niqaeli wrote about the project, so here's the link to her post: Her thoughts on 'Why Dreamwidth?'.

Dreamwidth is currently in closed beta (lots of testing going on), but once that testing is complete, they'll move into open beta and invite codes will be required to join (or purchase of a paid account), but it will be amazing! Keep watching for additional updates!