Further, if you create a custom friends group called "Default View," when you visit your "regular" friends page (http://www.livejournal.com/users/exampleusername/friends/) you will see only entries from members of "Default View".
To view all your friends' entries, you can visit http://www.livejournal.com/users/exampleusername/ friends/?filter=0. (In both cases, you must replace exampleusername with your own user name.)
This is good. I want to be able to add everyone to my friends list, but let's face it - not everyone's journal is interesting to me. Now I can have it all. Everyone gets on my friends list, but I can pick and choose who I read by default. But I can also still easily read all my friends' journals easily when I'm in that kind of a mood - which I will be sometimes.
(Not that being on my friends list is terribly useful to anyone. I haven't made a single "friends only" post since I've been here. And off the top of my head, I can't think of a reason why I would do so in the future. There is just nothing in my life anywhere close to interesting enough to be worth concealing from anyone... :P)