It's a good idea. I think it will evolve, of course. There should be some vested interest greater than $1500 to keep them scrupulous about what they publish.
I think they are legit, and that universities will be paying the fees.
I think the idea will evolve, of course. There should be some vested interest greater than $1500 to keep them scrupulous about what they publish. Times will change, editorial staff will change, something more than the goodwill of the current staff is needed to keep something like this from publishing PC trash or sensationalist quackery over the years.
I'm pretty sure that the academic journals don't have any significant amount of advertising, the way mass-market magazines like Scientific American do. Because of the technical nature of their subject matter, their circulation is tiny. Still, they have bills to pay. Unless you want to get into a government-funded press, then the only obvious sources of funding are the authors or the subscribers -- or maybe a journal's sponsoring university.