A fair question - Is this the end of the scholarly journal?: "But science's hidebound traditions are changing. The Internet has opened up new forms of publishing in which anyone in the world can find and read a scientific paper. And papers themselves are becoming more interactive, leading readers to the underlying data, videos, and discussions that augment their value. With blogs and e-books providing easy means of self-publishing, some observers are speculating that scholarly journals and their controversial system of peer reviews may not be needed at all."
Worth noting, however, that open public writing actually raises the level of peer reviews. the real question of blogs, ebooks, and self-publication is of openness, who has control, and the ability for anyone to have a voice. The other aspects of journals - scholarly in nature, peer review, sources of research and innovation, are not necessarily at odds with what's happening online. It's not scholarly journals that are obsolete. It is controlled, centrally regulated journals that are obsolete. (an idea that is expressed as well toward the end of the article)