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).