[reposting from a previous submission that didn't get any traction] If anyone wants a good idea for a startup in the academic journals space, I'd recommend looking into vetting peer reviewers as part of the article submission/review process. There have been a few high profile cases of people faking their peer reviews recently. At Sage we dealt with a big case of that earlier in the year and retracted 60 papers. A new…
The OA EGU Journals have been doing a good job of reviewing. The review process is open to the public with anyone able to read and comment on a paper, while they also invite/require several experts to participate. While some papers are only reviewed by the invited reviewers, many are reviewed by 5+ people. Having the entire process open to the public is the way forward.
There's an economic imperative to keep the process secretive in paid-access journals, rather than improving it - they can claim this vetting process is their 'secret sauce' and it's one way many attempt to justify their fees.
As we've learned from open-source, if you can get enough eyes (identity isn't actually that important) then all bugs become shallow.