I had not seen peerj, it looks better than some of the others, and their $99 fee is encouraging, even if optimistic - what happens when the work load gets large, which can happen if they atttract many authors.. There are other journals of easy access and low editorial standard, which is the 'them' I referred to. By the use of a pool of reviewers peerj has a shot at kicking the established journals to the curb = good. In so doing peerj will improve the ecology and hopefully the lower grade journals will smarten up and improve or go away.
I am sure the established journals will fight back, with deep pockets - they have literally billions, and may even fully match peerj and other competent free journals for five or ten years to starve them of good papers. Will they do that? When they see the buzzards circling overhead, they will find a motive.
I am very much in favor of journals like peerj, and I have seen the harm the expensive journals in the third and even the second world have done to deprive their scholars of the books and paper they need. I am happy to see that the modern use of the internet and scanners has spread all expensive journals and books to all these less wealthy countries via scanners and e-mails. This is good.
And while I am on that, the MIT free online university and others like the Khan academy need open source texts for free, because the journal publishers also have another empire, usually in cahoots with profs, to publish course books for $200 or more, and to make last years book obsolete and worthless, so a new book is needed.
Course books are needed for all college years and disciplines, fully open source, update online, also free.
Will it happen? Here in Toronto the University DEMANDS each freshman buy all his course books, and provide a receipt, or the y are not admitted to school. The prof gets a kickback and the college bookstore gets a kickback. Ever see how badly the students are victimized?
That is why I say the entire crooked system needs to change.
That means recognized degrees from MIT/Khan/Et al, which means an accreditation system needs to evolve, and be paid for. This will start to chip away at these monopolies.
This will be a war, without bullets, on economic grounds. Google can become the friend of all here