Create Your Own Discussions. You can use the comments page to start a discussion independent of any story or journal entry.
Write In Your Own Blog [AKA Journal]. If you have a user account, and you're logged in, you can blog right here at LISNews. You can browse the most recent entries Here.
Change Your Messages. The Slashcode that powers LISNews has the ability to keep you informed of what's going on around the site. You can be informed when a comment of yours gets moderated, when someone replies to your journal, and a few other things as well.
Browse By Topic.
Browse By Story Popularity.
Moderate Comments you love/hate. Comment with higher scores can be seen by more people, and you give the person higher karma.
Ignore Low Rated Comments. Your comments page lets you filter out comments based on score, type, or the person who left them.
Make New Friends. The friends/foes system lets you choose other LISNewsterz as friends, or foes. You can then be notified when they post a journal entry, or you can highlight or ignore a comment left by your friends and foes.
Change The Homepage. There's about a million options in there. You can Exclude Stories from the Homepage based on author, topics, and sections. Add your own slashboxes, and more.
The Help Page has a list of most of these things, and a few more as well. Slashcode is an amazing piece of Open Source Software, I'm not even sure I know everything it's capable of at this point.