I’ve been saying it to everyone who’ll listen …

the journals should be run by universities as non-profits with close ties to the local research community (ie, editors from local faculty and as much of the staff from the student/PhD/Postdoc body as possible). It’s really an obvious idea. In legal research, there’s a long tradition of having students run journals (Barrack Obama, if you recall, was editor of the Harvard Law Journal … that was as a student). I personally did it too … it’s a great experience for a student to see how the sausage is made.