Notice there’s a box where you can subscribe to the person’s journal. If you click that, you’ll get a message every time someone posts something….you can even select for it to come to your regular email inbox!
You’ll notice there are three settings for friends. No one but you knows how you categorize people, unless they feel like sitting there and puzzling it out, so don’t worry about hurting people’s feelings. This just decides how friends will be shown across the top of your profile page. They go from Good Friends to Acquaintances to Hardly Know, and are in alphabetical order within those ranks.