Interesting. Makes more sense than ones I've seen that separate libertarianism and authoritarianism from right and left without specifying what right and left mean. I have a question, though. Traditional and novel what? Morals can't be it, unless you're already at the state end of the first axis, because for a libertarian, tradition vs. novelty is simply not a political issue He may care about it passionately, but would never get the government involved.
Anything that is the topic on hand: economic, political, cultural. A conservative would argue that the traditinal way is better and a liberal would argue that the innovative way is better. Depending on where the proponent of a certain view happens to stand on the Libertarian/Socialist axis, he would proceed to argue for an individualist or statist implementation of that view.
For example (intentionally contrived a bit), a liberal would argue that the Eastern religions should be taught in schools because that would refresh the minds of mostly Christian kids. If he is also a libertarian he would press for relaxation of government immigration and education policy so that American kids could more easily get their high school education in Tibet; if he is a statist he would push for a federal mandate effect the same change. A conservative would argue the opposite: that since most are traditionally Christian, Christian basics should be taught in schools: a statist conservative would again push for a mandate and a libertarian conservative would place his hopes on the free market to deliver Christian education.