You are lucky, my cable company won't credit shit unless it is out for a full 24 hours...the last time it went out, it was out from about 6pm until 10pm...I called and they gave me the shit line that I was roughly due .40, complaints under 24 hours could be sent in writing for credit. You believe that crap...
I pay $80 a month and that was the damn answer...
When LJ is not up it does suck. The last major outage was the host I believe, it wasn't long I don't think. They are pretty damn big and it sucks, but I deal with a lotta hosts and they are up way above average. As for credit, LJ has been really good about long term outage credits. Keep a log, if it gets bad then send a support request. It will get answered.
I lost LJ for three or four days when a node between me and LJ becided to drop LJ from their DNS, it took me that much time to convince them it wasn't ME and it wasn't LJ. When I asked for credit they told me the rest of the net worked they don't give credit because one site was unreachable.
Customer service has gone to shit in this country but I'm serious, if you have a log of long periods of it being unavailable, drop support an email.