LiveJournal now supports OpenID. You've probably noticed this option when you go and leave a comment.
If you're confused, that's understandable: OpenID is a little new, and will make more sense as an increasing number of sites on the web start to support it.
In a nutshell, OpenID lets you take your identity with you, proving to other sites on the web that you own a particular URL. LiveJournal's OpenID support lets you use your LiveJournal identity (just your URL) on other websites which take OpenID, and also lets you take your non-LiveJournal identity and use it here.
Any chance Memestreams would climb onboard? I was just discussing this with Bucy last night. I haven't looked at the spec, but I think the overall goal -- reputation (non-MS style) building and maintaining across web communities -- is an important step to a better social internet.