Yet another open access journal

"So they [HHMI, Wellcome, Max Planck] almost got it right. They’ll have direct funding of the journal for 3 or 4 years, but after that they switch to author-pays. I’d rather see less “appropriate compensation” for editors and a promise to directly fund publication for longer. I suspect that Schekman’s experience at PNAS (where he pushed a little in the direction of better science, but did not eliminate the old-boys’ network submission policies) will lead him to gold-plate the new journal and run through the funding agency money without leaving a lasting legacy of free-for-authors, free-for-readers journal...."