There is at least some value in filtering low-quality submissions, wrangling reviewers, and making editorial decisions when reviewers disagree or are just being assholes (e.g. attempting to hinder a competitor).
http://quantum-journal.org/announcing-quantum/ http://www.nature.com/news/open-journals-that-piggyback-on-a... https://www.aps.org/publications/apsnews/201602/arxiv.cfm