Jeff Ely passes along a success story:
The Econometric Society which publishes Econometrica, one of the top 4 acadmic journals in Economics has taken under its wing the fledgling journal Theoretical Economics and the first issue under the ES umbrella has just been published. TE has rapidly become among the top specialized journals for economic theory and it stands out in one very important respect. All of its content is and always will be freely available and publicly licensed.
Bootstrapping a reputation for a new journal in a crowded field is by itself almost impossible. TE has managed to do this without charging for access, on a minimal budget supported essentially by donations plus modest submission fees, and with the help of a top-notch board of editors who embraced our mission. There is no doubt that the community rallied around our goal of changing the world of academic publishing and it worked.
This is just a start. Already the ES is launching a new open-access field journal with an empirical orientation, Quantitative Economics. Open Access is here to stay.
The trend is certainly going towards more and more open access, but it should be done sooner rather than later. Perhaps supply will create its own demand.