(snip)
A good idea, but I would advise against making it Australia-centric, both for reasons raised by others, and because this would vastly diminish the pool of potential writers.
In related news (this is not about Liam's journal but about two others he mentions in his blog), http://meta.wikimedia.org/wiki/WikiJournal needs to be merged with http://en.wikiversity.org/wiki/Wiki_Journal We don't need two ideas that are virtually the same. It's a good idea to have an journal "about Wikipedia", but unless it is properly peer-reviewed (like any good, average open publishing journal) it is not going to attract much attention. I'd love to publish in a Wikipedia-dedicated venue, but I need peer-reviewed publications on my CV - and I doubt my view point here is in a minority.