Any of you wondering about the fallout from the recent furore nicknamed "Strikethrough '07" can read here how it was all a case of misinterpretation and miscommunication. *coughbullshitcough*
Also included in that post is the following statement: listing an illegal activity in your interests list isn't a violation of the Terms of Service in isolation, and we won't equate individual interests with activities you support or advocate. Instead, we will consider journals and profiles as a whole, in context, to determine whether they violate our policies.
You can also read here that there will be no change to the TOS and policies, but that they will be enforced more rigorously (though, as before, only in response to actual complaints). Also, the post defines what content will not be deemed acceptable by 6A/LJ.
If, after plowing though that lot, you still want to buy a permanent account, please be aware that any paid time, or userpic add-on time, you have left on any account you make permanent can be transferred to another journal or community with this Permanent Account Holder Transfer Tool.
And once you've handed over your hard-earned money, you should go and join permmembers so you can be kept up-to-date on the latest goodies that LJ has to offer. (Perm/paid members usually get to play with them first.)
The Permanent Account sale will end at 12:00 midnight PST Thursday June 28th.
More info here and here.