I love the fact that LulzSec actually calls him out constantly, calling him a "schizo retard" and threatening to reveal the exploit he's using to take down sites. It's immature, of course, but entertaining as an observer.
Don't believe me, just search through Twitter convos[1] between them. It's pretty funny actually. Lulzsec does something. th3j35t3r gets terrimad and says they are all that is wrong in the world. Lulzsec chortles `u mad bro`? GOTO 10.
He's actually laid another ultimatum (for the umpteenth time in the last 3 months) promising revenge. His first act seems to be that irc.lulzco.org is down. We shall see if anything else comes from his indignation.