It is live and everything has been copied over. Unfortunately there is not yet an option to cross post directly from the dreamwidth account to livejournal and vice versa as of yet so I will make regular updates to the dreamwidth community to ensure we don't lose anything.
If anyone has any questions or worries please don't hesitate to comment to this post or send me a DM. I'm not leaving Livejournal until I absolutely have to and so there is no problem posting your fics to this community if you're not yet or don't want to join dreamwidth.
For those that do this community has retained the same name so it should be easy to find.
EDIT: Just to alleviate any concerns, no I'm not planning on relocating the community over to Dreamwidth solely. It is still now and for as long as I can keep it a livejournal community. I'm just creating a back up which I'll update regularly for the 'just in case' livejournal boots us off ^_^;;
I'll also with fic writer's permissions of course cross post to livejournal links to any fics that are just posted to the dreamwidth transficsation community so everyone gets a chance to read and stay involved with fandom.
Hope this eases any concerns over a permanent move. :3