Ideas in Ecology and Evolution is a new Open Access journals which is also experimenting with the review process.
Bob O'Hara and commenters go into details. I hope it does not end like Medical Hypotheses: a great source of blog-fodder for snarky bloggers and not much else. We'll keep an eye....
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I am the editor of Medical Hypotheses - Hi!
I agree that the journal does seem intensely to irritate a certain kind of science blogger - some of whom have apparently had their sense of humor excised along with any scientific adventurousness thay may once have possessed ;=)
However, the Thomson ISI Impact Factor of 1.3 and c. 45000 article downloads per month are objective evidence that Medical Hypotheses also plays a significant scientific function.
Peer review is neither necessray nor sufficient for science, and not all journals should be peer reviewed. There is space for a diversity of editorial evaluation processes, surely?
Live and let live...