Yes!

There are the following functions, mostly self explanatory:

is_community
is_identity -- returns true if the user is an OpenID identity
is_official
is_paid
is_perm
is_redirect -- this user redirects to another user, like with renames
is_syndicated -- for a feed account

It looks like there's no function that combines both, but you can use two functions by using an or (||) in your if statement:

if ( $u->is_personal || $u->is_community ) {
  # This if statement works for personal journals or communities
}