Tim Gowers recently announced the start of a new journal, “Discrete Analysis”. The sweet thing about this journal is that it is an arxiv overlay journal, meaning that the journal will act like most other elctronic journals with the difference that all it does in the end (after standard peer review and editorial decisions) is put up a link on its website to a certain version of the preprint on the arxiv. The costs are so low, that neither readers nor authors are supposed to pay. In the beginning, Cambridge University will cover the costs of this particular journal, and there are hopes that funding will be found later (of course, arxiv has to be funded as well, but this does not seem to incur additional costs on arxiv). The journal uses a platform called Scholastica (which does charge something, but relatively low – like $10 per paper) so they did not have to set up their webpage and deal with that kind of stuff.
The idea has been around for several years and there are several other platforms (some of which do not charge anything since they are publicly funded) for carrying journals like this: Episciences, Open Journals. It seems like analysis, and operator theory in particular, are a little behind in these initiatives (correct me if I am wrong). But I am not worried, this is a matter of time.
The news of the baby journal made me especially happy since leaders like Gowers and Tao have been previously involved with the creation of the bad-idea-author-pay-journals Forum of Mathematics (Pi and Sigma), and it is great that their stature is also harnessed for a decent journal (which also happens to have a a nice and reasonable name).