I have sympathy for Shekman's argument, but it's the same story throughout publishing, not just for science. Publishers build their reputation on brilliant authors, but I don't know a single publisher that only publishes brilliant books/journals. Where his argument wobbles for me is when he mentions elife as being free to view but sponsored by industry. How will he and his sponsors measure success of that venture? The cynic in me suggests that as well as readership figures and brilliance of content, reputation will form a part. It may be softer than the Nature approach, but perhaps that just means it isn't as successful yet.