Donald Knuth on the subject (Score 1)

A few years back Donald Knuth wrote a very enlightening open letter to the editorial board of his Journal of Algorithms. It gives a fascinating insider view of the process of journal publishing. My interpretation of Knuth's arguments is that traditional journals are now next to useless. Scientists already do all the typesetting and peer-reviewing of articles, and the internet means anybody can get together and start a free online journal with a very modest investment.