I've been using LJ for personal blogging for several years, so if you have any questions, ask away!
LJ entries can't be threaded like the message board, but they do have tags. You can create one or more tags for each post--say, your name, the name of your novel, etc., and you can search the community for only with that tag. That's how you'd keep your own feedback organized.
To use this system, everyone will have to have a LiveJournal account. To find out more about what LJ can do and to create an account, visit the main page at www.livejournal.com