Contemporary Aesthetics is an online blind-reviewed high-quality free journal. This is a sensible way forward for academic journals - in Philosophy at least.
For many years journal publishers have been convincing philosophers to provide camera-ready copy, editorial support and give up their copyright in journal articles for no payment...Then their institutions would have to pay a high subscription. Not a great deal, given the large sums of money the publishers were making from the procedure...It is gratifying to see some philosophers seizing the means of production and by-passing publishers using this new technology.
Publishers of philosophy journals will have to offer more than they have done if they are going to compete with this sort of set up.