It's great to see mathematicians taking up, Tim Gowers's rallying cry and have the courage to step away from Elsevier. The academic publishing industry for periodicals is going the way of the journal industry.

Apps like Scholastica (http://scholasticahq.com/) allow anyone to start their own peer reviewed journal and manage its content. Very soon, they'll even be able to publish open access (http://blog.scholasticahq.com/post/21917547765/open-access-p...). Full disclosure: I'm working on this application.