Earlier quoted context omitted.
Yes, but the editorial board is not the only cost component of a journal. I'm somewhat skeptical of how much the model in which "the scientists" do all the work of publishing a journal can scale, but I'd be glad to be proven wrong. I'll admit my comment was influenced by some proposed models (e.g. in the UK), arguing for the allocation of taxpayer resources to "buy" open access for research.
> I'm somewhat skeptical of how much the model in which "the scientists" do all the work of publishing a journal can scale, but I'd be glad to be proven wrong. I'm quite optimistic. There are already strong explicit indicators for the worth of a publication. If a paper comes from a university, for example, you can likely already be assured that it's worth reading. If it has a name with good reputation on it, that's a…
What you are proposing (arxiv.org + PageRank) is quite a shakeup. My impression is that while pretty good at using the position in the graph to establish relevance, such a model is much less effective at gauging quality (which is the problem, if you want to use bibliometric scores as a way to establish whose careers are to advance). In other term, the outcome of a search for "cloud computing" is certainly pertinent with the subject. That is not how you would choose which cloud service to use.
Of course, it may well be possible that the human judgment component is codifiable in a few hundred/thousand of heustics (sounds like a hard problem, but it's not my field), thus allowing the construction of a good model.