Scholastica is an even newer system, not yet up and running but you can sign up for the beta version. It promises a more efficient peer review system for existing journals, along with incentives for reviewers who submit high quality reviews on time. Details are still sketchy, but it looks promising.
Anyone know of other innovations in philosophy publishing in the work? What are the challenges facing these new models? Obviously there's a lot of inertia in the system, since it's risky (especially for younger scholars) to publish in newer, unproven venues.