If you want to create a custom "default view" for your friends page, then create a friend group called "Default View". You can add any friends that you want to it, and this will allow you to only view those specific friends when you go to your default friends page (http://www.livejournal.com/users/username/friends). This is particularly useful if you don't want to view specific friends when you go to your default friends page. Keep in mind, however, that this custom view will only work for you, and only if you are logged in. Anyone else who goes to your friends page will see all of your friends.
Another feature is being able to view a specific group by itself. You can do so if you create a group (for example, "Group1") and then go to http://www.livejournal.com/users/username/friends/group1 (assuming "username" is your username). Again, this will only work for you, and only if you are logged in. Anyone else who goes to any of your group pages will see all of your friends.
Feel free to edit it as you see fit.