This is a list of what we're calling things. At the moment, this should be considered almost-but-not-quite definitive. That is, it's still subject to change, but this is highly likely to be what we go with.
See the Discussion page for discussion about what to call things that haven't been named yet.
We're not going to be using the term "friend" at all. Watching will be called subscriptions and trusting will be called access. The equivalent of the friends page will be called the reading page.
You will subscribe to a journal and it will become a subscribed journal, or you will be subscribed. This journal will appear on your subscriptions list, and you will appear on their subscribers list.
You grant access to someone, and they have access and appear on your access list, while you will appear on their "access to" list.
There will also be reading filters and access filters, which will be filters of who appears on your reading page and who has access to your content respectively.
Relationship will be a generic term including both subscriptions and access. Your circle will be all people with whom you have a relationship. Your network is your circle's circle. Thus, the equivalent of the friends' friends page will be read your network and the equivalent of popular with friends will be popular in your network.
Use archive instead of calendar.
Entry or Post
The proper noun form is entry (entries rather than posts or postings); the proper verb form is post. The only exception to this is the verb to make. (You post an entry to your account; you make a post to your account; you write an entry in your account.)
Refer to these as feeds. If it's necessary to distinguish the account on Dreamwidth from the offsite feed, use feed account. Do not mention syndication or syndicated accounts.
The preferred term is Navigation Strip or Nav Strip for short. Do not refer to it as the control strip.
The correct term is profile. Do not use user info.
Refer to this as tracking. Do not refer to it as subscribing or as ESN.
Refer to these as icons generally, and as user icons if necessary for clarity or to distinguish from other icons.