Ten years ago we actually tried to create an online scholarly journal (for profit) process with rapid publication.Unfortunately there was no interest from investors as the dot com bust had left them shy on anything online...

"eventualism" and our reliable sources model are probably a very poor match to time-sensitive original research in the sciences or engineering, which is what journals are all about.

That is not to say that a pure open-content and organization model could not work, but I don't think ours does.

If you want to help figure out and organize one...

I know how to do it and adapt it to open content provided there are sufficient editorial volunteer personnel to guide the process. See my archive of hype for investors at: http://www.siliconmirror.com/adtechpub/index.html If anyone is interested in pursuing this, email me privately and I'll send you the link to the flash presentation. (all the people involved have gone off to other activities so I don't want to give a public link).