This kind of thing has happened before - I remember the mass exodus and dire warnings when the Russians took over - so I'm staying put for the moment and waiting to see what happens, but I think it's interesting that there's been no word from LJ about this yet.
Edit - CNET is reporting that the number of layoffs is `about a dozen' rather than the 20 reported earlier.
"LiveJournal Inc.'s headquarters, technical operations (and servers), legal, administration, and the customer service teams will remain in the United States," says a release from LJ. "LiveJournal's global product development and design will now be coordinated out of its Moscow office. The pooling of resources between the U.S. and Russia will allow the company to build a stronger business model, well positioned to guarantee the long-term success of LiveJournal."