The only thing I object to about this change in LJ is the ability to flag other peoples stuff - that's so not on. That's going to cause a war sooner or later ... haters of something will come along and flag something just because they feel like it and, sorry, I don't trust the Abuse team to be remotely sensible about anything.
Link to the lj_biz post: http://community.livejournal.com/lj_biz/243697.html
[Edit - well that was quick; just turned it off again. I went and tried it in IE where I wasn't logged in and it sat there for 10 mins telling me it was loading after I clicked the "I am over 14" option and failed to let me in]