This election is to allow users to select a user who will represent our interests with regards to LJ Policies.
There is more information here if you'd like to read about it.
Personally, I would encourage you to consider voting for squeaky19. You can read his platform here.
I also recommend rm whose platform is here and qfemale whose platform is here.
There is a post in that community that lists all of the candidates platforms, but I'm unable to link to it because comments were disabled.
The voting is occuring here.