Mathematicians aim to take publishers out of publishing : Nature News & Comment

"Mathematicians plan to launch a series of free open-access journals that will host their peer-reviewed articles on the preprint server arXiv. The project was publicly revealed yesterday in a blog post by Tim Gowers, a Fields Medal winner and mathematician at the University of Cambridge, UK. The initiative, called the Episciences Project, hopes to show that researchers can organize the peer review and publication of their work at minimal cost, without involving commercial publishers...."