This project aims to provide scientific creds for online scholarly publications; why bother submitting to a journal? Just put your awesome paper online and get experts in the field to review it, comment, and generally affirm for others that you know what you're talking about.
This takes the scholarly publishing question even beyond open access journals. As long as you can get someone to critically review your paper.
I can see it still being pretty tough to get your work reviewed, but I suppose that's not really a huge downside: presumably if your work's good, someone will eventually agree to review it, and if not, busy experts with a lot to do shouldn't be wasting their time on it, so it might all balance out and wind up with peer reviewed work still being made available.
Interesting idea.
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