As a first for me, I have been accepted as a member of the editorial board of the new journal Frontiers in Genetics. I'm very excited about this, particularly because I think the particular model of peer-review might benefit science a lot: Articles will be peer-reviewed for correctness, followed by an open online post-review by readers. It's sort of like PLoS ONE in that manuscripts don't have to present completely novel ideas, but with the added post-review by peers that will determine it's impact on the field.
Whether this will work better is an empirical question, and I look forward to seeing the outcome: Will science benefit by shorter time from submission to publication? Will costs be reduced and less money going directly from tax-payers to journals (journals take money from authors to publish, and cost money to subscribe to, and yet ask for a free service from reviewers)? Changing either or both of those would be a step in the right direction.