The largest hit page on slashdot is the main page, which oringinally was dynamically created for EVERY view. Not long after they noticed perfomance issues they created a perl script to generate the home page on cront_tab once every 5 minutes. Apparently this cut the load on the server by some unreal amount (75%?).
How is this applicable to LJ? Is there a page on LiveJournal that is static? Even the static pages, like the homepage, are composed of BML which has to go through a perl interpreter for ever view. Would it help load to start using plain old boring html?